Crypto brands to abstain from advertising during IPL 2022

Indian Premier League (IPL) Cricket has always been a bonanza for advertisers mainly because of its worldwide reach. But for IPL 2022, crypto investment platforms that had joined the bandwagon will abstain from advertising during the tournament.

A growing number of new-age brands from e-commerce, gaming, and EduTech have been advertisers and sponsors over the last two years. Crypto investment platforms had also joined the band of advertisers. However, this year, the top cryptocurrency exchanges in India such as CoinDCX, WazirX, CoinSwitch Kuber, and many more, have collectively decided to not advertise in the forthcoming 15th edition of the IPL, according to media reports.

“Crypto exchanges have decided not to advertise during IPL 2022. As an industry, we are working to ensure that there are strict guidelines for responsible advertisement before we get into IPL ads again,” Nischal Shetty, Chief Executive, WazirX, tweeted.

Shetty also said that the decision not to advertise during IPL 2022 was taken by the Blockchain and Crypto Assets Council (BACC). The Council has over two dozen crypto exchanges and crypto-related companies as members. BACC is a part of the Internet and Mobile Association of India (IAMAI).

It may be recalled that during IPL and T20 World Cup 2021, CoinDCX, WazirX, CoinSwitch Kuber, and other top crypto trading platforms, had jointly spent nearly INR 90 crore on TV advertising. A whopping INR 40 crore was spent by crypto exchanges during IPL 2021 as well. According to Ashish Singhal, CEO and Co-founder, CoinSwitchKuber, the platform’s registrations increased fourfold following IPL 2021.

As the official title sponsor, CoinDCX has sponsored the inaugural ICC World Test Championship Final as well as several T20 cricket series. CoinSwitch Kuber is an associate sponsor for IPL. Regulators and government authorities scrutinize these advertisement campaigns. At present, the government is working on a bill to regulate the cryptocurrency market in India and has also released a number of regulations for advertising crypto-based products.