U.K. bans Floki Inu Ad for inciting investor FOMO. Floki Inu is yet another hype rider of Dogecoin, and they even went to the lengths of using Dogecoin in their ad. The advertisement said, “Missed Doge? Get Floki,” which the U.S. regulator believed it incited the fear of missing out (FOMO) among investors. And those who aren’t that informed about the space might actually think that Floki is going to be the next Doge. But the success of one meme coin in no way ascertains the success of another.
U.K. bans Floki Inu Ad for exploiting users
U.K. has an Advertising Standards Authority (ASA) to make sure that nothing is too out of the line. And recently, the body gave its ruling on the Floki Inu ad. They have been advertising on public transport buses in London, which shows that the target audience here is not very specific. And the chance of encountering a non-tech-savvy audience is much higher in the same place.
The ASA also reported that the Floki Inu ad has a small text at the bottom saying, “Your investment may go down as well as up in value. Cryptocurrency is not regulated in the U.K.” This clearly shows the wrong intent of the advertisers because the main ad in no way shows that there is risk involved. So, ASA ruled that it took advantage of the inexperience of the customers.
The next steps
After this happened, the authorities informed the Floki Inu team that they needed to ensure that the ad didn’t appear in the same form again. And make sure that they do not exploit the inexperience or FOMO of investors irresponsibly in the future. Another important thing that the advertising body pointed out was the small text at the bottom. It was actually so minuscule that the overall ad impression didn’t signify any risk involved.
This is not the first time that the U.K. regulators have banned some crypto ads. In the past, they cracked down on ads from Coinbase, Kraken, Etoro, Papa John’s Pizza, and several other companies. And all of their ads were also deemed misleading.
What are your thoughts as the U.K. bans Floki Inu Ad? And do you think that the ad was actually misleading or the authorities are being too harsh? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Crypto scams disguised as ‘Help Ukraine’ start to appear.
