Home arrow Article arrow Article Detail

U.K advertisement regulator banned Floki Inu ad

Profile Image

Joyashree Dey Follow


Mar, 04 2022

Mar, 04 2022

likes | comments 0

Article Image

On 2nd March, U.K's advertisement regulator, Advertising Standards Authority (ASA), has banned the promotion of Floki Inu for taking advantage of customers' FOMO (fears of missing out) and trivializing investments on the cryptocurrency boom.

ASA tweeted on Wednesday about "Ruling on Floki Inu", stating "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."

After investigation, the ASA ruled: "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 trivialized investment in cryptocurrency."

Floki Inu, a meme coin given Elon Musk pet Shiba Inu, sent off an advert in London's transports and subway network the year before. The promotion includes an animation Shiba Inu wearing a Viking protective cap, tempting the people who might have "missed" out on benefiting from other well-known cryptos, like Dogecoin, to put resources into the more up-to-date other option.

Alongside floki inu (FLOKI) logo, the advertisement is a disclaimer informing that investments "may go down as well as up in value" and referenced that Cryptocurrencies are as of now not regulated in the UK.

The ASA hailed the campaign for minimizing the risk of crypto investments, taking advantage of purchasers' credulity, and making the most of individuals' lack of crypto knowledge.

"We considered that the use of cartoon imagery gave the impression that purchasing cryptocurrency was a light-hearted and trivial matter. As such, it distracted consumers from the seriousness of an investment which was volatile and unregulated."

Floki Inu contended that the promotion designated the "informed customer." On the other hand, the organization explained that the " average customer," who comes up short on information in crypto, is safeguarded by the warnings in the advertisement's small print and wouldn't comprehend within joke and wit utilized as a copy.

However, ASA surmised that crypto is a "high profile and topical matter," and the advertisements were addressed to the overall population. The organization's utilization of smaller texts for the admonitions contrasted with the main ad copy would give the impression to any suburbanite that purchasing Floki Inu presently is an unquestionable requirement to try not to pass up benefits.

The watchdog additionally added that because of the advertisement taking advantage of "consumers’ inexperience credulity," the campaign was considered "irresponsible and breached the code."

likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst


Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
Robinhood Delists Cardano, Polygon and Solana Following SEC Labeling Them As Securities

Following this week's accusations filed by the US Securities and Exchange Commission against two significant cryptocurrency exchanges, the brokerage business Robinhood has chosen to delist few firms;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.