An advertisement approved by Transport For London to buy Floki Inu tokens has caused concern among ASA and UK politicians.
The UK Advertising Standards Commission (ASA) is investigating whether advertising the Floki Inu on London Underground buses violates the country’s advertising rules. Some politicians, including Sean Perry of the London Green Party Raised the question Approval for such advertisements by Transport to London.
In that ad “Lost Dog? Get the flock. Floki Inu, a Georgia-based cryptocurrency-backed company, says Followed all the rules When it came to his advertising campaign, which included denials of the risky nature of investing in crypto assets, he condemned the attempts of politicians to censor such ads.
Advertising generates discussions
A Financial Conduct Commission The UK has not yet enacted legislation regarding the advertising of crypto products and services, although it does have legislation on how traditional financial institutions can advertise. The company has in the past posted notices to social media sites about fraudulent advertisements.
The ASA reported ads for Cryptocurrencies They should not contain phrases or language that are difficult to understand and should warn of potential dangers. This applies to the general public-oriented media, while technical language may be used in advertisements in special publications.
The organization said that companies in this market that investors choose to take advantage of could not avail the services of the ombudsman to solve problems and would lose money irreversibly.
Further study of cryptocurrency advertisements
Ads like ads The moon, A cryptocurrency exchange, flagged after being announced on TFL, attracts viewers To purchase Bitcoin In May 2021. The head of the company, Marcus Swanpoil, said the shortage Regulatory clarity It is not easy for companies in the UK to comply with local rules.
In March, the ASA banned a Coinfloor ad Described Bitcoin’s “Digital Gold”. The organization warned in April that products regulated by the Financial Conduct Commission should not be marketed. Was Release He told the Financial Times in July 2021 that cryptocurrency regulation was a priority and would be severely criticized for problematic advertising.
Earlier this year, Dictok warned content creators not to use its site to promote cryptocurrencies. A UK consumer survey conducted by a leading behavioral financial institution found that 36% of cryptocurrency investors need to learn more about this market. The Advertising Standards Council of India has said it will investigate crypto ads, flagging them as a potential concern.
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