Binance Warns Against Crypto Bowl as Rivals Flood Super Bowl for Ads – TheStreet

binance-warns-against-crypto-bowl-as-rivals-flood-super-bowl-for-ads-–-thestreet

The Super Bowl or what many are calling the Crypto Bowl, this year, is just three days away. 

Four cryptocurrency exchanges — Coinbase Global  (COIN) , FTX and Crypto.com and Bitbuy — are airing ads during this football Sunday, TheStreet reported earlier this week.

The 30-second ad spots will cost a fortune — up to $7 million.

Meanwhile, the world’s biggest cryptocurrency trading platform, Binance, posted a video, taking a shot at its rivals by warning Americans not to get carried away in this crypto maelstrom.

The video starring Miami Heat star Jimmy Butler has gone viral since, with over 113,900 views, over 600 retweets and more than 240,000 likes on Twitter.

“On Feb 13 you’re going to hear some of the biggest names telling you to get into crypto. But they don’t know you or your finances, only you do. Binance and I are here to tell you trust yourself and of course do your own research. Be on the lookout for more before the game,” said Butler, a basketball NBA star for the Miami Heat.

Binance’s choice of celebrity is interesting given that The Miami Heat’s American Airlines Arena is now named the FTX Arena, thanks to a 19-year deal with the franchise.

Binance’s warning comes at a time when authorities are warning against celebrity cryptocurrency endorsements. Celebrities sometimes know nothing at all about the crypto project they are promoting.

Last month, celebrity Kim Kardashian and athletes Floyd Mayweather and Paul Pierce were named in a lawsuit for allegedly scamming their followers into investing in a cryptocurrency called EthereumMax.

The lawsuit, according to classaction.org, alleges that the defendants propped the crypto up as a way to “instill trust” in investors all while disguising their control over a “significant portion” of the total EMAX assets available for public trade.

EMAX generated buzz last summer thanks in part to social media endorsements from celebrities like Kardashian and Mayweather, peaking at $10.55 in September. But now the cryptocurrency is trading at $1.50 as the bottom has fallen out. 

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About the Author: Kate