Key Takeaways:
- ASA has banned Floki Inu’s advertisement, “Missed Doge? Get Floki”.
- The investigation against this ad has been ongoing since November last year.
- Floki Inu’s advertising team confirmed that the ad is within legal boundaries but with no luck.
With so many controversies related to crypto scams and frauds, the market is highly volatile. In this tense moment, one of Floki Inu’s advertisements has created another buzz and has been banned by UK’s advertising authority, Advertising Standards Authority (ASA).
The ad consists of a text that reads, “Missed Doge? Get Floki” along with Floki Inu’s brand logo and a small text at the bottom that says, “Your investment may go down as well as up in value. Cryptocurrency is not regulated in the UK.”
Floki Inu, named after Elon Musk’s pet dog. Musk tweeted that he is naming his dog “Floki”, which became the inspiration behind the launch of the digital currency ‘Floki’.
After investigating, ASA said, “The use of an image of a cartoon dog wearing a Viking helmet and the claim ‘Missed Doge. Get Floki,’ exploited consumers’ fears of missing out and trivialised investment in cryptocurrency,” and marked the ad as “irresponsible”.
This investigation against Floki started in November 2021 when this ad was spotted in several London buses and the underground. However, the public didn’t take much notice of the ad and therefore never raised much concern. But few politicians in the U.K were not happy about this.
“TFL is writing to the ASA and Financial Conduct Authority (FCA) to ask for their views on the concerns being raised”, said the Mayor of the London office. However, the advertisement team behind the campaign said that the ad was “legally cleared” and that it also includes a clear disclaimer that highlights “the volatility of cryptocurrencies.”
Unfortunately, the advertisement of Floki Inu didn’t abide by the rules laid out by ASA and thus has got cancelled.
