United Kingdom politician proposes crackdown on crypto ads

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TL; DR Breakdown

  • United Kingdom politician proposes crackdown on crypto ads.
  • Sian Berry says digital assets are still unregulated in the UK.
  • ADSA has been cracking down on ‘irresponsible’ crypto ads.

Cryptocurrencies have continued to gain more popularity across the financial sector thanks to their rapid rise. Asides from bullish runs being the primary driving force, other digital assets enjoy popularity through advertisements. Such is the case of Floki Inu, a dog-based meme coin in the same family as Dogecoin. In a new update, a United Kingdom politician, Sian Berry, has proposed a ban on ads regarding digital assets. The proposal stems from a series of Floki Inu advertisements that have gone on at the London Underground in the last three weeks.

United Kingdom politician says crypto is still unregulated

According to Berry, the ads should be banned because digital assets are still not regulated across the United Kingdom. In her statement, she stressed a part of the advertisement which said the asset was unregulated and potential traders could run into losses. She mentioned that it is very unethical to place adverts for unregistered assets on a public transport network. Floki Inu gained massive popularity in the crypto market after registering a massive 200% in 24 hours last month.

Before the jump, the token developers tried to increase the coin’s popularity by pasting ads of the token on London’s Underground bus terminal. The advert said traders who were not opportune to join the Dogecoin price hike train could enjoy the same benefits with Floki Inu. Even though the ad achieved some of its aims, some people still see it as controversial. However, the United Kingdom underground bus station has hosted ads of some other digital assets in the past.

ADSA crackdown on irresponsible crypto ads

Luno saw its advertisement banned by the United Kingdom’s Advertising Standards Authority after it branded it as irresponsible. Lino’s ad advised people who saw the ad in the underground to buy Bitcoin. According to the advertisement body, the advert was banned because Bitcoin was volatile and could run investors into losses. Before then, the advertisement regulatory body had banned an advertisement posted on the underground bus network by Coinfloor.

In July, the head of the complaints and investigations of the body, Miles Lockwood, mentioned that the body is presently concentrating its attention on crypto ads. Finally, he noted that if they find issues with a crypto ad, they will do well to remove them. While the United Kingdom politician has voiced his concerns on the Floki Inu ads, people will be expectant that the body will take the approach it took with the others.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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