The process of creating an advertisement only concludes when there is no possibility of removing any part of it,” says Robert Fleeg, an expert in the field of advertising, highlighting the many factors involved in the advertisement production process. This process necessitates considerations such as the product, strategy, brand, culture, regulators, and existing platforms – which, due to limited choices in the current conditions in Iran, pose challenges for digital currency exchanges. Among these considerations, it can be said that for domestic cryptocurrency exchanges, we are dealing with businesses that have managed to comprehend the world of digital currencies for domestic audiences. However, the regulatory gray area has also encompassed advertising for these platforms.
According to IDEA, Statistics from Tapsell indicate that advertisements for cryptocurrency exchanges in Iran are on par with the financial, banking, and insurance industries in terms of the number of brands and expenditures. Yet, the reality is that this ranking is closer to reality when cryptocurrency businesses face similar advertising conditions.
If we look at failures in this field, the FTX exchange had extensive advertising before its bankruptcy, but ultimately, users’ assets were obliterated. While the verification of information accuracy in this space falls on users, advertising is a subject that can obscure the dark aspects of platforms and lead users astray, an occurrence that has also happened in the domestic market.
For this reason, just as it is better to take a comprehensive look at the digital currency exchange advertising market, we must see how the digital currency advertising industry in Iran, despite regulatory pressures and bad actors, strives for its own survival.
Where Do Exchanges Advertise?
Digital currencies continue to face regulatory challenges in many countries, but the advertising of exchanges, from popular sports events to social networks, is noticeable. This situation is different in Iran.
Gray Advertising
Of course, regulatory problems and limitations on existing platforms for cryptocurrency business advertising are only part of the challenge. The creation of a regulatory gray area also affects advertising.
Internet Disruptions
If communication and advertising channels are limited to the online space, any disruption would mean losing costs or even the possibility of continuing the operations of these businesses. In the past year, internet disruptions have only affected the communication channels of exchanges and simultaneously witnessed an increase in fraud and the entry of users’ assets into foreign platforms, many of which lack credibility.
Qasemi, the Chief Marketing Officer of Ramzinex, explains: “Ramzinex, like other businesses, has been affected. However, internet speed and access to services are crucial for exchange users, and any internet disruption that slows down user access will likely encourage them to use foreign platforms. In this regard, there is no significant difference between exchanges and internet businesses.”
Vahid Shamkhi, Deputy Business Development Manager and Marketing Supervisor at Nobitex, also says, “Considering that the majority of platform advertising takes place in the digital space, the stability or slowness of the internet undoubtedly has a significant impact on them and their advertising
Moreover, Mustafavi, the Brand Manager of Bitpin, believes: “We can say that a significant part of our advertising channels consists of media that are suddenly filtered. Despite planning, budget allocation, and the necessity to fulfill contractual obligations, if a medium suddenly gets filtered, it naturally alters all planning. However, the damages to the digital economy caused by such events are not hidden from anyone.”
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