The Advertising Standards Authority is looking into advertisements for the Floki Inu cryptocurrency that were posted on public transportation in London (ASA).
Advertisements for Floki Inu, based on Tesla CEO Elon Musk’s dog, landed on subways and buses. The UK’s advertising regulator, the ASA, claims it is “reviewing a broad body of ads in this sector” to see if they violate the regulations.
According to Floki Inu, the advertisements were “legally cleared.” “These ads also include a clear disclaimer highlighting the volatility of cryptocurrencies,” the company told the Media.
The Floki Inu advertisements, which ran across the capital, attempted to woo investors with the slogan “Missed Doge? Get Floki”
Dogecoin began as a sarcastic joke centered on the Shiba Inu dog from the Doge meme, but it has since grown to have a potential total worth estimated in tens of billions. Some of the anxiety regarding Floki Inu stemmed from the fact that nothing was revealed about who was behind the initiative, and there are few facts on its site.
Our decision not to prominently feature team members on our website is intentional: to make it clear that Floki is the people’s cryptocurrency and a movement focused on themFloki Inu said in response to the BBC
It stated that its “legal entity” was situated in Georgia and that this information was communicated with “strategic partners” throughout know-your-customer inspections.
The Floki Inu commercials are divisive. Despite the fact that the language said that the price of securities could decline and that cryptocurrencies were uncontrolled in the United Kingdom, some legislators believed that the capital’s transportation provider, Transport for London (TfL), really shouldn’t have welcomed them.
According to TfL, there have been no substantial public objections concerning cryptocurrency advertisements. It stated that advertisements must state that bitcoin is uncontrolled and that its value may decline.
So over the summertime, the ASA prohibited a TfL advertisement for the crypto exchange Luno that stated “it’s time to buy” Bitcoin.
The ASA claimed in a statement to the BBC that it was investigating several cryptocurrency advertisements, such as those for Floki Inu, across “various media spaces,” not even just TfL.
Some authorities are worried about the manner in which cryptocurrencies are pushed. In September, Financial Services Authority chairman Charles Randell slammed influencers, blaming them for fostering “delusions of quick riches.”