TL;DR Breakdown
- Floki Inu is now in the limelight following suspicious campaigns.
- The UK’s Advertising agency is cautioning crypto campaigners to stop misleading people.
Floki Inu has been placed under investigation by the UK’s Advertising Standards Authority (ASA). This follows commercials put on community transport in London titled “Missed Doge? Get Floki. The commercials have been placed on subway trains and coaches.
Due to several complaints on the crypto’s commercials, the UK’s advertising watchdog decided to probe. They want to scrutinize the meme currency to determine if they sought legal advice before beginning the campaigns.
An ASA spokesperson confirmed that they were reviewing the crypto. Still, the watchdog did not reveal details of the probe.
Uncontrolled investments
Some politicians had asked Transport for London (TfL) to ban cryptocurrency commercials since they are uncontrolled investments. Regulators informed the transport sector to wait for new guidelines that would give explicit marketing directives.
The memecoin team behind the commercials notes that they are complying with the laws. Adding the attack is uncalled for. The group further says that the move opposes citizens’ autonomy to perform the actions they want.
The team further said the adverts include disclaimers. They point out that digital assets are highly volatile, and all parties should invest with caution.
Floki Inu has been under scrutiny several times because there are no details on the project’s founders. Their website has scanty content too. Floki Inu says they have not featured their associates on their website since they are focused on their customers.
The transport network has not received protests from customers or the public on the memecoin’s commercials. However, some statesmen in the UK seemed distressed by TfL’s decision to approve the ads.
Discontinuing unwarranted campaigns
The ASA has been on the lookout to halt illegal commercials. Crypto platform Luno saw their campaign on the transport network canceled earlier this year. The platform urged people to buy bitcoin. It was accused of misinforming people to invest in risky products.
The watchdog accused the advertisers of using complex terms in their campaigns. ASA notes that the drives use unknown words intended to take advantage of individuals who lack experience. The agency notes that adverts should include the risks associated with the investments.
Just recently, Indian prime minister Narendra Modi expressed his concerns about crypto. He believes the unregulated sector is misleading the youth. He urged Democratic states to come together and bring resolutions to streamline digital assets. India is on the verge of establishing another ban after the last one failed.
