“If You Can’t Say It, There Must Be Truth”: Coinbase CEO Reacts to UK TV Ad Ban That’s Stirring Debate

Coinbase Ad Banned From UK TV As Regulator Cracks Down On Crypto Messaging

A Coinbase advertisement has been pulled from British television screens after being banned by the UK’s Advertising Standards Authority (ASA), stirring debate over crypto regulation and censorship in mainstream media.

The ad in question opened with a leaking ceiling that eventually bursts, symbolising the UK’s outdated financial system.

The narration — “Everything is just fine, everything is grand” — appeared to mock the country’s reliance on traditional finance, while urging for a “strategic realignment”.

Coinbase CEO Slams UK’s Conservative Crypto Approach

Coinbase CEO Brian Armstrong responded to the ban with strong criticism, calling out what he sees as a narrow view of crypto in the UK.

Armstrong stated in his X post on 4 August,

“If you can’t say it, then there must be a kernel of truth in it.”

He clarified the intention behind the advertisement, saying it was not aimed at making a political point but rather to push for updates in a system that “fails many”.

He added,

“Needing to update the system and improve society is not a political statement on either party in the UK (some have tried to turn it into this). And it’s not specific to the UK (we ran ads with similar themes in the US).”

Armstrong also addressed the common association of crypto with gambling in Britain.

“There are people in the UK who still think of crypto as some kind of gambling product (a very outdated view), and have completely missed the potential of crypto which is to update and improve the financial system for the benefit of everyone.”

Censorship Claim Fuels Public Interest

Despite the ad being pulled from television, Armstrong said the message is gaining traction elsewhere.

“Our ad which got banned in the UK by the TV networks has sparked quite a reaction.”

Undeterred by the censorship, he remarked that the ban may have only amplified the message further.

“We welcome the attacks and any other attempts to censor this message, as it just helps it spread.”

UK Regulator Struggles With Enforcement

The ASA ban is just one part of a broader struggle to regulate crypto promotions in the UK.

Although the Financial Conduct Authority (FCA) has issued 1,702 alerts over illegal crypto ads as of January 2025, only 54% of these flagged promotions have been removed.

Many non-compliant adverts continue to circulate, and to date, no fines have been issued to companies violating the FCA’s crypto marketing rules.

Former FCA chair Charles Randell previously warned that unless there’s “a very real and present threat of legal action,” crypto platforms will likely continue to ignore restrictions.

Ongoing Tension Between Innovation And Oversight

This is not the first time Armstrong has taken issue with UK policies.

While defending the crypto industry's legitimacy, he’s also advocated for wider innovation through tools like AI and blockchain-based protocols such as x402 for monetising APIs.

His broader message remains consistent — without clear regulatory support, countries risk missing out on financial innovation.

And in this case, a banned TV commercial may have only sharpened that point.