Singapore Hits The Brakes On Crypto Ads At Formula 1 Grand Prix

Crypto.com has paid millions of dollars to sponsor Formula 1 (F1). The business has collaborated with fly-by cryptocurrency companies to showcase their names all over Formula 1, a high-octane sport whose fan base has recently increased. Binance has partnered with Alpine, Bybit has partnered with Red Bull, and cryptocurrency tycoon Sam Bankman-Fried’s FTX has a partnership with Mercedes. But it seems like Crypto.com has seized the lead. The business, which has its headquarters in Singapore, is a global partner of Formula 1, a sponsor of Aston Martin, and the new Miami Grand Prix’s title sponsor.

Brakes on Crypto Ads At F1 Grand Prix

When F1 visits the homeland of Crypto.com, that spending binge won’t matter as much. After being postponed for two years due to the pandemic, the Singapore Grand Prix will resume over the weekend of September 30. Even though Singapore has grown to be a popular location for blockchain and cryptocurrency businesses, the city’s financial regulator has grown increasingly doubtful due to the wild price fluctuations and savage selloffs over the past year. It tightened restrictions on public advertising of cryptocurrency services in January.

No Crypto.com Ad in Singapore

The F1 Grand Prix will have an advertising prohibition that does not pertain to vehicles or driver attire. That implies that the track’s traditional blue and white Crypto.com advertisements won’t be seen in Singapore. The city’s rationale for the distinction is that the teams’ equipment got used worldwide, and logos on it is seen as advertising to F1 fans globally, while branding on the track targets locals and so breaches the rules. Only professional investors are allowed to view advertisements from cryptocurrencies in Singapore. Their promotions prohibit any venues that could be used to target retail customers, including public transit, malls, websites, social media, and third-party platforms. The Monetary Authority of Singapore (MAS) has stated that while it is considering further consumer protection measures, it also wants to advance blockchain technology and other aspects of the digital asset market.

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