UK Advertising Standards Authority (ASA), Floki Inu altcoin decided to ban its advertisements in the subways. The institution explained the reason for the ban as the advertisement in question exploited consumers’ “fear of missing out on a cryptocurrency opportunity”.
Dogecoin Equivalent Altcoin Has Been Running An Intensive Advertising Campaign Recently
Named after the name of Elon Musk’s pet, Floki Inu launched an advertising campaign on the London bus and subway last year. In the ad, a cartoon-shaped Shiba Inu dog wearing a Viking helmet is presented to consumers if popular like Dogecoin cryptocurrency He claimed that Floki Inu was the new alternative if they had missed their opportunity.
The ad also contained warnings that the price of the altcoin could go up or down, and that cryptocurrencies are not regulated in the UK.
The country’s advertising agency, ASA, ruled that the ad campaign downplays the risks posed by cryptocurrencies, triggers people’s fear of missed opportunities, and seeks to profit from people with poor crypto knowledge.
Floki Inu Claims Ads Target Only Knowledgeable Customers
Floki Inu developers, on the other hand, claimed that the ad was aimed at “informed customers only”. On the other hand, the company said that with the small text at the bottom of the ad, “average consumers” who are not aware of digital assets are protected.
However, ASA concluded that cryptocurrencies are a “high-profile and topical topic” and stated that the ads in question were aimed at the general public. According to the agency, the company’s use of smaller text for alerts compared to the main ad copy gave consumers the impression that they were missing out on potential gains if they didn’t buy Floki Inu.
The regulator also said the ad sought to capitalize on consumers’ inexperience and therefore was irresponsible and against the rules.
*Not investment advice.