#FlokiArmy outraged as UK regulator shuts down Floki Inu’s latest ad campaign
ambcrypto.comCryptocurrency memecoins such asDogecoin and Shiba Inu saw their valuations explode in 2021. This gave way to further canine cryptocurrencies such as Floki Inu. The relatively cheaper and newer coin for potential investors to jump in, especially after missing DOGE‘s bull run. This was exactly idea here behind promoting this coin.
The Floki Inu coin was advertised on London’s buses and metro network last year under the slogan “Missed Doge?” This did create a concerning situation for the UK regulators.
<p lang=«en» dir=«ltr» xml:lang=«en»>We've published four rulings this week, including one which bans an ad for a cryptocurrency for taking advantage of consumers’ lack of experience in this area: https://t.co/dbGYsWQNqM pic.twitter.com/WVXorDwXVg— ASA (@ASA_UK) March 2, 2022
The UK’s Advertising Standards Authority (ASA) banned ads for a meme-based crypto named after Elon Musk’sshiba inu dog. The advertising watchdog concluded that the meme coin’s promotional blitz was “irresponsible.”
The advertisement featuring an image of a cartoon dog wearing a Viking helmet signaled potential dangers. The ads “irresponsibly exploited” consumers’ fear of missing out and trivializing cryptocurrency investment. It violated local advertising standards by attempting to capitalize on the “fear of missing out” (FOMO).
“We considered that the use of a cartoon imagery gave the impression that purchasing cryptocurrency was a light-hearted and trivial matter,” the ASA ruled, “As such, it distracted consumers from the seriousness of an investment which was volatile and unregulated.”
In fact, it comprised a “community owned cryptocurrency and an unregulated financial product available for investment” on the cryptocurrency market since June 2021. Hence,
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