According to an inquiry by the advertising authorities, advertisements for the cryptocurrency Floki Inu, which were splattered over London’s public transportation network last autumn, violated UK advertising regulations.
The Advertising Standards Authority stated that the commercials, which carried the phrase “Missed Doge?” violated the Advertising Standards Act. “Get Floki” and a cartoon dog mascot “exploited customers’ anxieties of losing out… trivialized cryptocurrency investing and took advantage of consumers’ inexperience or naivety,” according to the report.
The Floki Inu advertisements campaign, named after Elon Musk’s pet dog, became a flashpoint for opposition to the broad promotion of crypto tokens and exchanges in the UK, with numerous London elected figures demanding adverts on public transportation to be prohibited.
UK says bye bye to Floki ads
Following an inquiry, the ASA came to the following conclusion. The usage of a cartoon dog wearing a Viking helmet, along with the tagline “Missed Doge.” ‘Get Floki’ played on people’s worries of missing out.
Furthermore, the advertising regulator found that “the commercial was reckless” and “took advantage of consumers’ inexperience or naivety.”
The ASA stated that it has instructed the developers of the Floki Inu cryptocurrency to “ensure that they did not recklessly abuse consumer’s fear of losing out and trivialize cryptocurrency investing.”
They must also “ensure that they did not take advantage of consumers’ lack of knowledge or skepticism by failing to make clear that CGT might be irresponsibly imposed on bitcoin gains.”
The ASA concluded that the advertisement must not reappear in the form it was complained about.
The advertising authorities also pointed out that the disclaimer at the bottom of the advertisement was modest compared to the wording “Missed Doge?” “Find Floki.”
“Despite the qualifying wording, the prevailing impression of the ad was the urgent need to acquire Floki, to avoid consumers losing out in the same manner they may have lost out with dogecoin,” the ASA said.
The Advertising Standards Authority in the United Kingdom has been clamping down on deceptive crypto advertisements. IN DECEMBER, the ASA banned seven crypto advertising, including those for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo.
In addition, the government of the United Kingdom said in January that it intends to enforce new regulations on cryptocurrency ads.