Binance, the world’s biggest digital asset exchange by spot-trading volume, has selected Saatchi & Saatchi and 72andSunny Amsterdam as its joint global creative partners.
The two agencies were chosen to support a variety of global projects, after an extensive competitive pitch.
These projects include the recently announced partnership with Cristiano Ronaldo, which will involve the Portuguese footballer creating a series of NFTs, available exclusively through the Binance NFT platform.
Cryptocurrency advertising has been on the rise, with this year's Super Bowl being dubbed the "Crypto Bowl". Four cryptocurrency exchanges – Coinbase Global, FTX, Crypto.com and Bitbuy – chose to air ads during the game, which reportedly cost $7m altogether.
However, Binance skipped the opportunity, instead enlisting the help of NBA star Jimmy Butler to warn its social media followers about celebrity crypto promotions. "On Feb 13 [the date of the Super Bowl] 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," Butler said.
The appointment of the two creative agencies follows news that that Binance had paused Bitcoin withdrawals amid a major market downturn in June.
The brand, which has 90 million users worldwide and claims to handle the equivalent of $76bn (£67bn) in cryptocurrency trades every day, said it is looking to diversify its platform to drive growth.
Saatchi & Saatchi takes on Binance's creative account less than a year after the Advertising Standards Authority (ASA) flagged crypto-asset advertising as a "red alert" priority.
"Crypto-assets have exploded in popularity in recent years, but there's a real danger that people may be drawn in to invest life savings that they later lose based on poor understanding," a spokesperson said at the time.
"We recognise the important role we play in regulating ads to ensure they don't mislead consumers about a product's risks or act irresponsibly in their promotion."
Last December, the ASA banned seven examples of cryptocurrency marketing as part of a crackdown in which the watchdog said it was working to police content better.
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