UK regulator Floki Inu banned advertising

From November 2021 the crypto ad “Missed Doge, Get Flocky” was painted all over London’s public transport system. Now, the British Advertising Authority has banned the marketing campaign.

“Floki” refers to the meme cryptocurrency (or “memecoin”) called floki inu (FLOKI) created in June 2021. The project was named after Elon Musk, CEO of Tesla and SpaceX, who at the same time announced that he was his puppy. The Shiba Inu race is called the Floki.

According to the UK Advertising Standards Commission (or ASA), the regulatory body Considered The Floki campaign is “irresponsible” for two reasons.

The first objection raised by the ASA was that the ad text “exploited consumer fears of ‘losing an opportunity’ and trivialized investing in cryptocurrency”.

The second challenge suggested that the ad “exploited the inexperience or unreliability of the consumer”.

Flocky Ltd, the law firm behind cryptocurrency, denied both claims, saying the ad “did not create a sense of urgency for the average consumer” and launched their campaign after the Advertising Procedures (or CAP) Committee. . ) Make sure “Advertising complies with CAP code”.

Despite the project’s responses, ASA’s objections were confirmed and the Advertising Supervisor decided that “the ad should not appear in re-form”.

Ban on crypto ads in the UK

In November 2021, Sean Perry, a Green Party London legislator, called for a blanket ban on cryptocurrency advertising.

“It is completely uncontrollable and you will lose your money,” the warning says [anunciantes] You should have thought twice, ”he said.

This is not the first ad suspension by ASA. In May 2021, the Crypto Exchange banned a similar campaign by Luno: “If you look at Bitcoin [até] In the subway, it’s time to buy it. “

ASA has already made their job harder as teams in the English Premier League also come on the crypto channel. In December, the supervisor banned two separate Arsenal FC commercials promoting the team’s popular fan token, AFC.

The advertising supervisor again pointed out that the ads were “meager investments” in crypto and “failed to explain the risks involved” in such an operation.

* Translated and edited by Daniela Pereira do Nacimento with permission decrypt.co.