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The Floki Inu Ad Was Banned By The UK Regulator For Being Irresponsible And Exploiting Investor FOMO

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An advertisement for cryptocurrency floki inu has been banned by the Advertising Standards Authority in the United Kingdom (FLOKI). The ad’s “Missed Doge?” states the authorities. The idea that “Get Floki” “exploited consumers’ anxieties of missing out and trivialized bitcoin investment” is false. The commercial was also “irresponsible,” according to the commission because it “took advantage of customers’ inexperience or credulity.”

The Advertising Standards Authority (ASA), which regulates advertising in the United Kingdom, released its “Ruling on Floki Inu” on Wednesday.

After an ad for floki inu (FLOKI), a cryptocurrency inspired by Elon Musk’s shiba inu dog was displayed on public transportation in London in November last year, the advertising regulator launched an investigation.

“Missed Doge?” says the ad, which features a floki inu emblem and text. “Find Floki.” It also has a short piece of writing at the bottom that says, “Your investment may go down as well as up in value. Cryptocurrency is not regulated in the UK.”

Following an investigation, the ASA came to the following conclusion:

“The use of an image of a cartoon dog wearing a Viking helmet and the claim ‘Missed Doge. Get Floki,’ exploited consumers’ fears of missing out and trivialized investment in cryptocurrency.”

Furthermore, the advertising regulator found that “the ad was reckless” and “took advantage of consumers’ inexperience or naivety.”

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The ASA explained that it has told the team behind the floki inu cryptocurrency “to ensure that they did not irresponsibly exploit consumer’s fear of missing out and trivialize investment in cryptocurrency.” They must also “ensure that they did not irresponsibly take advantage of consumers’ lack of experience or credulity by not making clear CGT could be due on cryptocurrency profits.”

The ASA concluded:

“The ad must not appear again in the form complained about.”

The advertising authority also pointed out that the disclaimer at the bottom of the advertisement was modest in comparison to the wording “Missed Doge?” “Find Floki.” “Despite the qualifying wording, the prevailing impression of the ad was the urgent need to buy floki, to avoid consumers losing out in the same manner they could have lost out with dogecoin,” the ASA concluded.

The Advertising Standards Authority in the United Kingdom has been cracking down on deceptive crypto advertisements. The ASA banned seven crypto advertising in December, including those for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo.