![\"UK](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/03\/floki-asa.jpg\")
<\/p>\n<\/p>\n
The U.K.\u2019s advertising authority has banned an ad for cryptocurrency floki inu (FLOKI). The authority says the ad\u2019s \u201cMissed Doge? Get Floki\u201d claim \u201cexploited consumers\u2019 fears of missing out and trivialized investment in cryptocurrency.\u201d The ad was also \u201cirresponsible\u201d and \u201ctook advantage of consumers\u2019 inexperience or credulity,\u201d the regulator said.<\/strong>\n<\/p>\n \n The advertising authority began investigating<\/a> an ad campaign for floki inu (FLOKI), the cryptocurrency inspired by Elon Musk\u2019s shiba inu dog, in November last year after the Floki ad was seen on public transport in London.<\/p>\n The ad contains a floki inu logo and text that says, \u201cMissed Doge? Get Floki<\/a>.\u201d It also contains smaller text at the bottom that reads, \u201cYour investment may go down as well as up in value. Cryptocurrency is not regulated in the UK.\u201d<\/p>\n After investigation, the ASA ruled:\n<\/p>\n The use of an image of a cartoon dog wearing a Viking helmet and the claim \u2018Missed Doge. Get Floki,\u2019 exploited consumers\u2019 fears of missing out and trivialized investment in cryptocurrency.<\/p>\n<\/blockquote>\n \n The ASA explained that it has told the team behind the floki inu cryptocurrency \u201cto ensure that they did not irresponsibly exploit consumer\u2019s fear of missing out and trivialize investment in cryptocurrency.\u201d They must also \u201censure that they did not irresponsibly take advantage of consumers\u2019 lack of experience or credulity by not making clear CGT could be due on cryptocurrency profits.\u201d<\/p>\n The ASA concluded:\n<\/p>\n The ad must not appear again in the form complained about.<\/p>\n<\/blockquote>\n \n The British advertising authority has been cracking down on misleading crypto ads. In December, the ASA banned<\/a> seven crypto ads for Papa John\u2019s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo.<\/p>\n In addition, the U.K. government announced<\/a> in January its plans to impose new rules on cryptocurrency advertisements to \u201cprotect consumers from misleading claims.\u201d<\/p>\nFloki Ad Banned in the UK<\/h2>\n
\nThe Advertising Standards Authority (ASA), the U.K.\u2019s regulator of advertising, published<\/a> its \u201cRuling on Floki Inu\u201d Wednesday.<\/p>\n\n
\nIn addition, the advertising watchdog ruled that \u201cthe ad was irresponsible\u201d and \u201ctook advantage of consumers\u2019 inexperience or credulity.\u201d<\/p>\n![\"\"](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/03\/asa-tweet.jpg\")
<\/p>\n\n
\nThe advertising authority also noted that the disclaimer at the bottom of the ad was small compared to the size of the text \u201cMissed Doge? Get Floki.\u201d Therefore, the ASA said: \u201cDespite the qualifying text, the overriding impression of the ad was the pressing need to buy floki, to prevent consumers losing out in the same way they could have done with dogecoin.\u201d<\/p>\n