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 and marketing 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 put money into the cryptocurrency craze, interesting for them to look to Floki in the event that they weren’t fast sufficient to purchase into different common cryptocurrencies, comparable 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 emblem.
In Might, the ASA banned a marketing campaign for the cryptocurrency change 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 put money into unregulated monetary merchandise.
On Wednesday, a spokesman for the ASA mentioned: “Whereas I can’t go into specifics presently, I can affirm that we’re at the moment investigating Floki Inu.”
The investigation comes days after Liberal Democrat and Inexperienced social gathering 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 and marketing.
TfL says that whereas it doesn’t have a ban on the advertising and marketing of cryptocurrencies, the advert campaigns are extra closely scrutinised than than these for different sectors. This consists of 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,” mentioned a spokeswoman for the mayor of London, Sadiq Khan, who chairs TfL. “As soon as TfL has that enter they’ll take into account what motion is perhaps mandatory going ahead.”
Floki, which is funded by an nameless group, mentioned its advertisements complied with “all legal guidelines and laws”.
Final 12 months, the UK treasury proposed the introduction of stricter guidelines for the monetary promoting of most cryptocurrencies.