An advertisement for cryptocurrency Floki Inu has been prohibited by the Advertising Standards Authority in the United Kingdom (FLOKI). The ad’s “Missed Doge?” states the authorities. The idea that “Get Floki” “exploited consumers’ anxieties of missing out and trivialized bitcoin investment” is false. The commercial was also “irresponsible,” according to the commission because it “took advantage of customers’ inexperience or credulity.”
In the United Kingdom, the Floki Advertisement has been Outlawed
The Advertising Standards Authority (ASA), which regulates advertising in the United Kingdom, released its “Ruling on Floki Inu” on Wednesday.
After an ad for floki inu (FLOKI), a cryptocurrency inspired by Elon Musk’s shiba inu dog, was displayed on public transportation in London in November last year, the advertising regulator launched an investigation.
“Missed Doge?” says the ad, which features a floki inu emblem and text. “Find Floki.” “Your investment may go down as well as up in value,” it says in tiny print at the bottom. In the United Kingdom, cryptocurrency is not regulated.”
Following an investigation, the ASA came to the following conclusion:
The use of a cartoon dog wearing a Viking helmet, along with the tagline “Missed Doge.” ‘Get Floki’ played on people’s worries of losing out and made bitcoin investment seem easy.
Furthermore, the advertising regulator found that “the ad was reckless” and “made the best of consumers’ ignorance or naivety.”
The ASA stated that it has instructed the developers of the floki inu cryptocurrency to “ensure that they did not irresponsibly abuse consumer’s fear of losing out and trivialize cryptocurrency investment.” They must also “ensure that they did not take advantage of consumers’ lack of experience or skepticism by failing to make clear that CGT could be imposed on bitcoin gains in an irresponsible manner.”
Also Read: UK to crack down on ‘misleading’ cryptocurrency ads
The ASA came at the following conclusion:
The advertisement must not reappear in the form it was complained about.
The advertising authority also pointed out that the disclaimer at the bottom of the advertisement was modest in comparison to the wording “Missed Doge?” “Find Floki.” “Despite the qualifying wording, the prevailing impression of the ad was the urgent need to buy floki, to avoid consumers losing out in the same manner they could have lost out with dogecoin,” the ASA concluded.
The Advertising Standards Authority in the United Kingdom has been cracking down on deceptive crypto advertisements. The ASA banned seven crypto advertising in December, including those for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo.
Furthermore, the United Kingdom government declared in January that it intends to impose new laws on cryptocurrency ads in order to “protect consumers from false claims.
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