UK Regulator Bans Crypto Floki Inu Advertising

The UK advertising regulator has taken aim at another crypto ad.

The Advertising Standards Authority (ASA) has alleged that Floki Inu, the piece inspired by Elon Musk’s dog of the same name, violated advertising standards, the agency announced on Wednesday (March 2). Musk is CEO of Tesla and SpaceX.

A poster for Floki Inu displayed on the London Underground last fall featured an image of a cartoon dog wearing a Viking helmet. The text read “Missed Doge. Get Floki,” aimed at consumers who missed out on the popular crypto Dogecoin which sold out quickly.

“The use of an image of a cartoon dog wearing a Viking helmet and the statement ‘Missed Doge. Get Floki, “exploited consumer fears of missing out and commoditized cryptocurrency investments,” the ASA said. “He took advantage of consumers’ inexperience or credulity.”

Floki Ltd. explained that he submitted the ad to the Advertising Practices Committee (APC) before the campaign launched and was told that the ad was CAP compliant.

They said the cartoon dog image is their corporate logo and was used in the ad for brand recognition. The company also explained that the announcement was posted on its website, social media platforms, and cryptocurrency exchange websites.

It was not socially irresponsible, Floki argued, to display their company logo, nor did it trivialize investing in cryptocurrency.

But the ASA disagreed, ordering Floki to pull the ad. Regulators said that by comparing itself to Dogecoin, the cryptocurrency implied Floki investors would experience the same steep price hike.

In January, the ASA banned two Crypto.com advertisements. The decision was based on complaints for an ad in the Daily Mail app that featured the tagline “Buy Bitcoin with Credit Card Instantly.”

Read more: UK regulator bans 2 Crypto.com ads in latest crackdown

Last year, PYMNTS reported Arsenal Football Club has been called out by the ASA for what regulators said was irresponsible advertising for crypto-linked fan tokens.

——————————

NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

Comments are closed.