Mark Weaden
Watchdog investigates London tube adverts promoting the cryptocurrency Floki Inu
Following the disastrous Squid Game coin just a few weeks ago, regulatory agencies are on high alert to seek out the next scam. The UK’s Advertising Standards Authority received various complaints about the London Underground ads for the meme coin named after Elon Musk’s dog.
While it’s clear Floki Inu developers aren’t out to scam people, there are questions about advertising such coins in public spaces. Meme-coins have made many people millionaires, although, for the most part, they don’t hold much value beyond what the price on the market does.
What has been said about Floki Inu
The UK advertising watchdog has launched an investigation into an advertising campaign launched by the Floki Inu (FLOKI). The Floki Inu Binance price is currently hovering around $0.0001897. The meme-coin was picked up by major news outlets recently when Elon Musk posted a picture of his dog—sending them into a frenzy.
The poster campaign is marketed to encourage potential crypto enthusiasts to invest in the cryptocurrency craze. The poster mentions the famed Dogecoin, with a caption that reads “Missed Doge? Get Floki”, aiming to entice people by offering the potential for a similar success to early Dogecoin buyers.
At the very least, the advertisement is misleading. This kind of crypto advertisement does very little good for the industry at large and has caught the attention of regulatory authorities, which may look to limit the kinds of things crypto adverts can mention.
Regulatory concerns for crypto adverts
There has been mounting pressure on the cryptocurrency marketing ban, notably on public transport networks in the UK. As with any new industry, it’s difficult to manage marketing and advertising. Cryptocurrency is such a delicate space, as it has been shrouded with calls of scams and malpractice for over a decade.
The fact public complaints have led to this is certainly a telling sign for public opinion on the issue. In May this year, the ASA banned a campaign for the cryptocurrency exchange Luno. The campaign had a strapline reading “it’s time to buy” bitcoin, which was found to be misleading and inappropriate for public transport.
The lack of regulation of digital currencies is the main driving force for this. Regarding this campaign, a spokesman for the ASA said “While I can’t go into specifics at this time, I can confirm that we are currently investigating Floki Inu.” Until there are clear regulatory standards and practices, we are unlikely to see the government allowing further crypto marketing campaigns.
