Brian Armstrong, CEO of cryptocurrency exchange Coinbase Global Inc. COIN, responded on Sunday to the ban of the company’s alleged derogatory advertisement in the UK, saying that it was not meant to be a political statement.
What Happened: Armstrong took to X to express his views on the ban, stating, “If you can't say it, then there must be a kernel of truth in it.”
Armstrong further added that the advertisement was not intended as a political statement, but rather a critique of the traditional financial system and an endorsement of the potential of cryptocurrency.
“There are people in the UK who still think of crypto as some kind of gambling product (a very outdated view), and have completely missed the potential of crypto, which is to update and improve the financial system for the benefit of everyone,” he said.
The satirical video, titled “Everything is Fine,” shows visuals of economic decay, such as leaking homes, rat-filled dumps and rising prices.
The Telegraph said that the video will “likely” fuel claims that the UK's stature has diminished under UK Prime Minister Keir Starmer.
Meanwhile, a user, Andrew Hart, said that the people in the UK “have no appetite” for a U.S. company joking about problems in the country. “Only we’re allowed to do that.”
Why It Matters: Coinbase secured regulatory approval from the UK’s Financial Conduct Authority earlier this year, claiming to become the largest registered digital assets player in the country.
Interestingly, Armstrong visited the UK in June and talked with policymakers to promote cryptocurrency adoption in the country. “Bullish on Britain,” he said.
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