The UK’s Advertising Standards Authority (ASA) has officially banned a Coinbase's satarical advertisement, titled "Everything is Fine."
The video employed a satirical tone, mocking the UK's financial system while describing the many issues citizens in the UK are facing, from the rising prices of inflation, poverty, and financial struggle.
In the video, everyday folks were singing "Everything is fine, we ain't go into trouble" while the video were showing scenes of deteriorating neighbourhoods, inflation-weary consumers, which seem to mock the discrepancy between what people were being told and what was really happening on ground.
This advertisement comes amidst a survey that seems to agree with the advertisement. The data has showed that 44% of UK adults are currently struggling financially, a 16% increase from 2022.
Coinbase CEO Brian Armstrong didn’t hold back in his response to the ban. Taking to X, Armstrong said the censorship sparked “quite a reaction” — hinting that the backlash may validate the ad’s message.
“If you can’t say it, then there must be a kernel of truth in it.”
He made the bold statement that crypto would be the panacea to the failing traditional financial system, not just in the UK but globally.
"Needing to update the system and improve society is not a political statement of either party in the UK. And it's not specific to the UK."
Armstrong also took aim at what he called a “very outdated view” among some UK regulators and citizens who still equate crypto with gambling — a perspective he believes ignores the transformative potential of blockchain and decentralized finance.
“We welcome the attacks and any other attempts to censor this message, as it just helps it spread.”
Despite the UK’s regulatory efforts, enforcement remains inconsistent. As of January 2025, a significant number of crypto advertisements flagged by the Financial Conduct Authority (FCA) are still visible to UK audiences.
According to a Financial Times report, only 54% of the 1,702 alerts issued by the FCA led to ads being taken down.
Moreover, no fines have been issued to companies failing to comply with the ad removals, due to the lengthy investigative process required to pursue legal action.
Charles Randell, former chair of the FCA, has called for tougher enforcement.
“Unless there’s a very real and present threat of legal action against authorized firms pushing non-compliant crypto promotions, we’re unlikely to see meaningful change."
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