The UK Advertising Standards Authority (ASA) has opened an investigation into the marketing campaign for the meme cryptocurrency Floki Inu. The regulator is examining the legality of promoting such products on public transport networks, according to Financial Times.
In October 2021 the project launched an advertising campaign in the London public transport network. Ads with the slogan “Missed Doge? Get Floki” (Упустил Doge? Получи Floki) appeared at metro stations, on trains, and on buses.
In the run-up to the campaign launch the ASA said it would increase oversight of inaccurate and misleading advertisements related to cryptocurrencies. The regulator also noted that it had not received consumer complaints, but pledged to scrutinize the ads for a fair portrayal of investment risks.
In November the situation changed. As The Guardian reports, the regulator received several complaints about the Floki Inu advertising campaign. A regulator spokesperson also confirmed that the investigation was underway.
«While I cannot go into details at this time, I can confirm that we are currently conducting an investigation into Floki Inu,» he said.
According to the FT, the investigation was prompted not only by complaints but also by disquiet among some members of the London Assembly. They called for a complete ban on cryptocurrency advertising in public transport or, at the very least, for stricter scrutiny of such marketing materials.
In a briefing with the publication, a representative of London Mayor Sadiq Khan said that Transport for London (TfL), the operator of the city’s transport system, has requested relevant information from the ASA and the UK Financial Services Authority to “gauge their views on the issues raised.”
«As soon as TfL receives this information, officials will decide what actions may be required going forward,» he said.
A Floki Inu spokesperson said the marketing campaign in London complied with “all laws and regulations.” He said it was approved by the “legal department and the advertising management agency” that placed the ads.
In May 2021, the ASA deemed the advertisement for the cryptocurrency exchange Luno, which was also placed on the public transport network, “misleading”.
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