Top cryptocurrency exchanges not to advertise during IPL

economictimes.indiatimes.com:

New Delhi: Top cryptocurrency exchanges in India have collectively decided to not advertise during the Indian Premier League (IPL) this year, three people familiar with the development said. Last year, CoinDCX, WazirX and CoinSwitch Kuber as well as others, had collectively spent around Rs 90 crore on TV advertising for the IPL and the cricket T-20 World Cup “All the crypto exchanges have decided not to advertise in IPL,” Nischal Shetty, chief executive of crypto exchange WazirX told ET through a direct message on Twitter. “As an industry, we are working to ensure we have strict guidelines for responsible advertisement before we get into IPL ads again,” he added.

The decision was taken by the Blockchain and Crypto Assets Council (BACC), which has more than two dozen crypto exchanges and crypto-related companies as members, Shetty said. BACC is part of the Internet and Mobile Association of India. Crypto exchanges had spent Rs 40 crore on TV ads in IPL 2021.

This advertising blitzkrieg in India's most lucrative sporting event as well as during the cricket World Cup resulted in volumes on these digital exchanges swelling by up to four times and made cryptocurrencies like Bitcoin and Ethereum household names among crypto investors. The advertisement campaigns, however, came under the scanner of regulators and government agencies. The government is currently working on a Bill to regulate the cryptocurrency market.