TL; DR Breakdown
- Floki resumes ads in London amid ban
- Lawmakers worried over the risky nature of the asset
- Floki Inu vows to push back against regulations
One of the biggest meme coins in the crypto market, Floki Inu, has started another round of massive advertisements in London. The company has its advertisements plastered on the buses and around the train station in the city. In the post that was made available on its medium page, the digital asset company said its aggressive marketing would feature adverts pasted across the buses in the city with others in the train stations.
Lawmakers worried over the risky nature of the asset
On April 23, when the campaign was announced, the company said the adverts would be seen starting from April 25. This latest update is coming after the digital asset was subject to media attention. The media attention was generated close to the end of last year over a bill to potentially ban the company’s adverts and others like it across the city.
The previous advert highlighted how traders could join on the Floki Inu train if they had missed the now high-flying digital asset, Dogecoin. During the bill’s hearing, the proposer noted that these companies float adverts across the city without letting investors know the potential risky nature of the digital assets. The lawmaker Sian Berry likened digital assets to a gamble during the period.
Floki Inu vows to pushback against regulations
Following the uproar about the bill, the general public and other lawmakers were furious over the approach of the adverts. Several weeks after reading the bill, the United Kingdom’s advert regulation body banned the advertisement. Citing the cause, the agency mentioned that the company used the fears of users missing Dogecoin as a tool to lure unsuspecting traders. It also said that users were made aware of its risky nature, but their inexperience in the field was also exploited.
However, the marketing director of Floki Inu has said that the company won’t stand down despite the ban. He mentioned that the new campaign is a massive win for all digital assets as the company wants to continue to share the progress of its projects with users. The executive mentioned that some parties were at the forefront of getting them banned through ill means, but it has done nothing to shake their campaign.
Asides from the Floki Inu ads, the ASA also carried out a series of other bans, including Crypto.com’s advertisements. Crypto.com enjoyed traders investing in Bitcoin and earning rewards from yields without noting the risky nature of the services to investors during its advertisements.