An advertisement for cryptocurrency Floki Inu has been banned by the Advertising Standards Authority in the United Kingdom (FLOKI). The claim in the ad, “Missed Doge? Get Floki,” according to the authority, “exploited consumers’ fears of missing out and trivialized cryptocurrency investment.” The ad was also “irresponsible,” according to the regulator because it “took advantage of consumers’ inexperience or credulity.”
The Floki advertisement has been banned in the United Kingdom
The Advertising Standards Authority (ASA), which regulates advertising in the United Kingdom, released its “Ruling on Floki Inu” on Wednesday.
After an ad for floki inu (FLOKI), a cryptocurrency inspired by Elon Musk’s Shiba Inu dog was seen on public transportation in London in November last year, the advertising authority launched an investigation.
“Missed Doge?” says the ad, which features a floki inu logo and text. “Find Floki.” “Your investment may go down as well as up in value,” it says in smaller text at the bottom. In the United Kingdom, cryptocurrency is not regulated.”
Following an investigation, the ASA came to the following conclusion:
The use of a cartoon dog wearing a Viking helmet, along with the claim “Missed Doge.” ‘Get Floki’ played on people’s fears of missing out and made cryptocurrency investment seem trivial.
Furthermore, the advertising regulator found that “the ad was irresponsible” and “took advantage of consumers’ inexperience or credulity.”
The ASA stated that it has instructed the developers of the floki inu cryptocurrency to “ensure that they did not irresponsibly exploit consumer’s fear of missing out and trivialize cryptocurrency investment.” They must also “ensure that they did not take advantage of consumers’ lack of experience or credulity by failing to make clear that CGT could be due on cryptocurrency profits in an irresponsible manner.”
The ASA came to the following conclusion:
The advertisement must not reappear in the form that was complained about.
The advertising authority also pointed out that the disclaimer at the bottom of the advertisement was small compared to the text “Missed Doge?” “Find Floki.” “Despite the qualifying text, the overriding impression of the ad was the urgent need to buy floki, to avoid consumers losing out in the same way they could have lost out with dogecoin,” the ASA concluded.
The Advertising Standards Authority in the United Kingdom has been cracking down on deceptive crypto advertisements. IN DECEMBER, the ASA banned seven crypto ads, including those for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo.
Furthermore, in January, the United Kingdom government announced that it intends to impose new rules on cryptocurrency advertisements to “protect consumers from misleading claims.”
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