Coinbase’s latest TV advertisement has been banned by UK broadcasters, intensifying debate over Britain’s cautious approach to crypto and its ability to disrupt the traditional financial system.
The ad portrayed a leaking ceiling collapsing as a metaphor for the UK’s outdated financial infrastructure, paired with the tagline, “Everything is just fine, everything is grand,” before urging a “strategic realignment.” Regulators ruled the ad non-compliant, but the decision has drawn sharp criticism from Coinbase and the wider crypto community.
Coinbase CEO Brian Armstrong condemned the ban, saying it reflects a deeper reluctance to acknowledge crypto’s potential benefits. “If you can’t say it, then there must be a kernel of truth in it,” Armstrong wrote on X, adding that calls to modernize the financial system are not political but a reflection of the challenges millions face.
Our ad which got banned in the UK by the TV networks has sparked quite a reaction. If you can’t say it, then there must be a kernel of truth in it.
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… https://t.co/VJqyYnnI2W
— Brian Armstrong (@brian_armstrong) August 3, 2025
Armstrong pointed out that similar ads ran in the United States without issue, highlighting what he views as the UK’s increasingly conservative regulatory posture toward digital assets. “There are still people in the UK who think of crypto as gambling,” he said, calling this perception outdated and urging policymakers to recognize crypto’s ability to improve financial infrastructure.
The Advertising Standards Authority’s decision comes amid criticism of the UK’s slow enforcement. While several crypto ads have been banned in recent months, regulators have rarely issued fines for violations. Former FCA chair Charles Randell previously warned that without the threat of legal action, non-compliant campaigns would persist.
Despite the ban, Coinbase believes the controversy is amplifying its message. “We welcome the attacks and any attempts to censor this,” Armstrong said. “It just helps it spread.”
Meanwhile, Coinbase recently reported $1.5 billion in revenue for the second quarter of 2025, a 3.3 per cent increase from a year ago but down 26 per cent from the previous quarter, as weaker retail trading activity weighed on performance. Earnings per share came in at $0.12, far below Wall Street’s forecast of $1.19, according to the company’s July 31 shareholder letter.
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