The UK promoting watchdog has launched an investigation right into a London bus and underground advert marketing campaign for Floki Inu, a meme coin named after a canine owned by Elon Musk, as strain rises to ban cryptocurrency advertising on public transport networks.
The Advertising Requirements Authority launched the investigation after receiving complaints about Floki’s newest marketing campaign.
The poster marketing campaign encourages the general public to spend money on the cryptocurrency craze, interesting for them to look to Floki in the event that they weren’t fast sufficient to purchase into different fashionable cryptocurrencies, equivalent to Doge, early sufficient.
“Missed Doge? Get Floki”, runs one strapline. The marketing campaign, which ran for 3 weeks final month, additionally makes use of the corporate’s cartoon canine brand.
In Might, the ASA banned a marketing campaign for the cryptocurrency alternate Luno that ran on the Transport for London (TfL) network.
The marketing campaign, which advised the general public “it’s time to purchase” bitcoin, was discovered to be deceptive and irresponsible for encouraging individuals to spend money on unregulated monetary merchandise.
On Wednesday, a spokesman for the ASA stated: “Whereas I can’t go into specifics at the moment, I can verify that we’re at present investigating Floki Inu.”
The investigation comes days after Liberal Democrat and Inexperienced celebration members of the London meeting known as on TfL to stop taking advertising from cryptocurrency-related firms till the UK authorities and Monetary Conduct Authority set out new steerage on advertising.
TfL says that whereas it doesn’t have a ban on the advertising of cryptocurrencies, the advert campaigns are extra closely scrutinised than than these for different sectors. This contains including a disclaimer on all advertisements making it clear that cryptocurrencies are unregulated within the UK.
“TfL is writing to the ASA and FCA to ask for his or her views on the issues being raised,” stated a spokeswoman for the mayor of London, Sadiq Khan, who chairs TfL. “As soon as TfL has that enter they’ll think about what motion could be mandatory going ahead.”
Floki, which is funded by an nameless group, stated its advertisements complied with “all legal guidelines and laws”.
Final yr, the UK treasury proposed the introduction of stricter guidelines for the monetary promoting of most cryptocurrencies.