Floki Inu ($FLOKI), a meme cryptocurrency whose name was inspired by Elon Musk’s dog and that is rivaling Shiba Inu ($SHIB) in terms of popularity, has seen London’s transport authority start to crack down on crypto ads after its massive campaign in the city.
As CryptoGlobe reported, Floki Inu launched a campaign on London’s public transport system with the slogan “Missed Doge? Get Floki” in a bid to “legitimize” the cryptocurrency and increase the “confidence of the average consumer” to buy it, according to the project’s head of marketing, which went by Sabre.
Business Insider now reports that Transport for London has revealed concerns about the ads, as these were promoting a little-known, unregulated financial asset that they claim could be open to manipulation such as pump-and-dump schemes.
Chris Rader, head of commercial media at Transport for London, said that since 2018 the organization has asked advertising partners to review ads before running them, and added:
When reviewing copy now from cryptocurrency brands who wish to advertise on our estate, we ensure that campaigns contain sufficient information to comply with both our policy and the ASA [Advertising Standards Authority] ruling.
Transport for London’s advertising policy states that noting controversial or sensitive can be advertised. The report details other crypto ads have been banned in the past, as crypto exchange Luno ran a campaign with the slogan “if you’re seeing bitcoin on the underground, it’s time to buy” that was banned for being “misleading and irresponsible,” according to Britain’s advertising watchdog.
Floki Inu’s advertising budget comes from a 4% fee imposed on new buyers. The tokens are used for “onboarding influencers” and to “further develop and grow the Floki ecosystem.” The Financial Times reports the project’s marketing wallets have peaked at $3.5 million to spend.
It’s worth noting there is no indication Elon Musk is in any way involved with the project. Earlier, responding to a user asking whether he held any $FLOKI, Musk said that he only bought BTC, ETH, and DOGE.
FLOKI’s ads carried warnings about the risks to potential buyers, but it drew the ire of Siân Berry, the Green party London Assembly member, who said cryptocurrency ads should not be on Transport for London’s network.
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Featured image via Pixabay
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