The UK has banned a musical advertisement that sharply criticised the situation for much of the population in the country.
With very dark humour, Coinbase took aim at the UK, where the quality of life and financial standing for most people has reportedly taken a sharp downturn.
It promoted the view that crypto was a better alternative to serve people’s financial interests but this message was not deemed balanced by Clearcast.
Clearcast operates the clearance system for television commercials. This involves checking and making sure ads follow the UK Code of Broadcast Advertising (the BCAP Code), before they are shown on television
The theatrical-like advert was a smash hit online and was viewed millions of times in a couple of days, highlighting issues including inflation, stagnant wages, unaffordable housing, and urban decay.
It opened with a soothing sing-along claiming “everything is fine” contrasted by grim visuals: Leaking roofs, wilting plants, peeling wallpaper, rats in rubbish-cluttered streets and rising prices mock-ups such as, “fish fingers” costing “100 quid a meal”.
Lyrics included “We ain’t got no troubles, no reason to complain” and “The streets can’t get no cleaner, nor the rat meat any leaner” – make-believe official reassurances against the backdrop of financial hardship, with 44 per cent of UK adults reportedly financially vulnerable.
A notable scene showed an affluent couple fleeing to Dubai, referencing the reported exodus of 16,500 millionaires from the UK in 2025.
Instead of promoting crypto directly, the ad subtly suggested it as an alternative to the failing traditional financial system, ending with the tagline: “If everything is fine, then don’t change anything at all.”
Luke Tryl, the UK director of More in Common, an influential non‑partisan research and civic organisation dedicated to understanding and countering polarisation while promoting social cohesion, called the ad a “Rubicon moment”.
“Not because loads of Brits are going to suddenly invest in crypto but because a US based company felt comfortable/able to market itself to Brits themselves on the basis of things in the UK being rubbish!,” he said.
Lee Harris, a Conservative political commentator on GB News and BBC Radio called it “a brilliant advert that rips the p*ss out of the current dire state of the UK”.
“Let’s be honest, it’s funny and feels pretty accurate. This is what this disastrous Labour has reduced us to. We’re now a global laughing stock.”
If everything is fine, then don’t change anything at all.
But when the financial system isn’t working for so many people in the UK, it needs to be updated. pic.twitter.com/rL1EaKu12V
— Coinbase 🛡️ (@coinbase) July 31, 2025
Coinbase denied that its ad was political or that it took aim to the left-wing government.
On August 4, though, Brian Armstrong, the co-founder and CEO of Coinbase said the add had been banned from British TV.
“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,” Armstrong posted on X.
“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). It’s a statement about how the traditional financial system is not working for many people and how crypto represents a way to improve that.
“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 wrote.
“We welcome the attacks and any other attempts to censor this message, as it just helps it spread.”
Some reports claimed the UK Advertising Standards Authority (ASA) banned the advert but the organisation denied this to Brussels Signal, pointing to Clearcast instead.
A spokesperson for Clearcast confirmed it did not meet its acceptable levels.
The spokesperson told Brussels Signal: “Clearcast reviewed a pre-production script and rough cut for this advert. We considered that it presented crypto currency as a potential solution to economic challenges, without sufficient evidence for this claim or any warnings about the potential volatility and risks.
“We concluded that it did not comply with the BCAP code and advised that we could not approve this approach.”
On July 31, Coinbase (ticker COIN) saw its stock plunge sharply after disclosing disappointing second-quarter financial results.
Revenue fell to $1.5 billion (€1.3 billion), missing analyst expectations, while transaction revenue dropped 39 per cent year-over-year to $764 million (€659 million), reflecting weakening trading activity.
Adjusted net income came in at just $0.12 (€0.1) per share, a steep decline from $1.10 (€0.95) a year prior, causing the stock to tumble about 4 per cent during after-hours trading, followed by a larger decline the next day, ultimately wiping out about 15 per cent to 17 per cent of market value — a more than $11 billion (€9.5 billion) loss on global market
