London plans to ban public cryptocurrency advertising after Floki Inu’s campaign
British authorities have reported that Transport for London (TfL) has banned the advertising of cryptocurrencies on its infrastructure. The move comes after Floki Inu – a coin-operated meme named after Elon Musk’s pet dog – has been advertised in the city’s subway, bus and train stations in recent weeks.
Cryptocurrency Ads Are “Unethical” – London
“Missing Doge? Buy Floki ”- that was the slogan that appeared in several London Underground stations at the end of last month. After investing $ 1.5 million in a three-week marketing campaign, the team behind the coin-meme Floki Inu (FLOKI) has raised hopes of increasing UK society’s overall engagement.
Cryptocurrency advertising on a London suburban train station
Despite the recent surge in prices, many consider it a speculative digital currency that lacks adequate regulation. In addition, open advertising in one of Europe’s largest cities can lead to losses for those who are unaware of the potential risks in the digital asset industry and especially when dealing with coin memes.
Therefore, TfL has decided to process these advertisements. Chris Reader, Head of Commercial Communications at the local government agency, ensures that crypto brands that wish to promote products from now on must undergo a thorough investigation before issuing their tokens across the city:
“We ensure that advertising campaigns comply with both our guidelines and the decisions of the ASA (Advertising Standards Authority).”
TfL added that nothing sensitive or suspicious should be advertised on its infrastructure, alluding to the controversial nature of coin memes like Floki Inu.
Also Sian Berry, former co-chair of the Green Party of England and Wales give a point of view on the subject, claiming that promoting cryptocurrencies is “unethical”. She said digital assets in the UK are unregulated and investors could “lose all money” if they enter the market.
The coin-meme is a hotspot of controversy for the digital asset industry from all that can be heard. Its value against the dollar can double or even triple overnight, mainly because a famous person is creating a hype. At the same time, investing in them can lead to significant losses for investors who are not prepared for unexpected fluctuations.
When it comes to meme coins, no project can beat Dogecoin (DOGE). When Joke was created in 2013, it has become even more popular this year. Interestingly, the incredible demand was fueled by celebrities like Snoop Dogg and Elon Musk.
Immediately after Dogecoin’s success, many more clones began to flood the crypto space. One of them (Floki Inu) is particularly interesting because it has something in common with Elon Musk’s dog.
And as before, when a digital asset has a connection to Elon Musk, it hits an all-time high (ATH). The FLOKI price is currently at $ 0.000203, which is slightly below the November 5th ATH rate.
FLOKI price table | Source: Tradingview
Luno’s advertising campaign has ended
This is not the first time an ad for digital assets has appeared in the UK capital. Earlier this year, UK regulators became aware of the Luno crypto app after showing a poster on the public transport network that read “If you see Bitcoin on the subway, it’s time to buy”.
Luno is promoting crypto back to London
The ASA was quick to respond, banning the ads, warning that such marketing could lure inexperienced investors into participation without realizing the potential risks.
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