Can Irish regulator’s new ad conduct code bring down cases of crypto rug-pulls

ambcrypto.com:

A review of its advertising guidelines is being proposed by the Irish Advertising agency, The Advertising Standards Authority of Ireland (ASAI) following the receipt of several complaints about the promotion and advertisements of “meme coin” Floki Inu.

Last year, the meme coin, which was inspired by billionaire Elon Musk’s Shiba Inu dog, went all out in a big marketing push to gain much-needed recognition. The coin was aggressively promoted on buses, billboards as well as rail displays in Dublin.

In apost made by the promoters of the Coin last October, the aim of the entity was to keep momentum moving by assaulting the market with very targeted and aggressive marketing campaigns. In the post, it was noted that Floki Inu has already contracted to spend almost $1,500,000 in marketing is targeted at major metropolitan areas to assist in getting FLOKI listed on high level exchanges and to onboard A-list influencers.

This is indicative of our plan to make the $FLOKI brand one of the most familiar brands in London and the UK!

FLOKI ads will also be going live on 300 buses in London soon! pic.twitter.com/sjyVYi8edo

— FLOKI (@RealFlokiInu) October 6, 2021

Complaints  were lodged against Floki at the ASAI and the complainants noted that the adverts had not included any warning as to the value of the product going up or down. Following the receipt of these complaints, the ASAI  launched an investigation against the entity in November and concluded same in February.

The ASAI barred further adverts of Floki in its current form after it determined that the advertising had promoted a financial product, the value of which could fluctuate and was required by the