In London, advertising is placed on public transport for the cryptocurrency ‘Floki Inu’ and is inquired by ‘Advertising Standards Authority (ASA).’
Named after Tesla CEO Elon Mask’s doge coin, advertisements for ‘Floki Inu’ have appeared on buses and subways.
However, the watchdog is advertised by the UK, ASA said, “it is analyzing a wide body of advertisements in this territory and to watch if someone break the rules.”
The advertisements were “cleared and declared legally”, according to ‘Floki Inu’.
The company addressed BBC, “These advertisements involve a direct and clear refusal highlighting the volatility of crypto.”
As the Dogecoin cryptocurrency has been in popularity, the advertisements of Floki Inu which spread throughout the territory, and trying to tempt investors with this slogan, “Did you miss Doge?”
From the Doge meme, the Dogecoin started as a satirical joke which is based on the Shiba Inu dog, but now it has reached a value of billions of dollars.
As a concern, the Floki Inu is derived from the fact about who was behind the project, and there are very few details available on its website.
Floki Inu said in a mail to BBC, “we intentionally decided not to prominently feature team members on our website, for making people’s clear that Floki is their cryptocurrency”.
This information was shared with strategic partners during know-your-customer (KYC) checks, whereas it is announced that, the legal entity was based in Georgia.
According to email, ‘Jackie Xu’ was project lead developer, who stays in Netherland, and the “Floki team is not entirely faceless as it appears, but few members in our team decide to be anonymous for some time to avoid distractions, and also for some security reasons.”
Warning-
According to the text, the investment value of Floki Inu would fall, and that crypto was non-regulated in the UK. Whereas, few politicians felt that transport operators of capital and Transport for London could not accept them.
The advertisement for ‘Floki Inu’ is disputable.
The Mayor of London office said, for asking the reviews on the raised concerns, the Transport for London (TfL) is approaching to ‘Financial Conduct Authority (FCA) and ASA.
“The attack opposing this advertisement by some politicians is attacked opposing cryptocurrency and against people’s choice and freedom”, said Floki Inu to BBC on mail.
Transport for London (TfL) addressed, “there are no public complaints about cryptocurrency advertisement spread globally.”
It is said that advertisers might be thinking that cryptocurrency is non-regulated and its value may decrease.
Quick Reaches-
An advertisement for cryptocurrency exchange was banned by ASA which ran on TfL, that previously declared that ‘its time to purchase” bitcoin.
The authority “we are focusing on whether these advertise break our rules and utilize our discoveries to inform about our rules in this area”
“Ads must avoid barriers, that is difficult to understand by the audience or should not take advantage of people’s lack of knowledge or experience”, and should convey the message that value if investments can go up and can go down.”
While some are saying that, for organizations, cryptocurrency is a “red alert area.” And the higher authorities are also concerned about, how cryptocurrency is encouraged.
