Alex Coin 
The ASA said the ads “irresponsibly exploited” consumers’ fears of missing out on a chance and also trivialised investing in cryptocurrencies.
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La Advertising Standards Authority (ASA) UK banned ads for the doggy meme cryptocurrency Floki Inu a crypto born in 2021 after the popularity of its predecessors, Dogecoin y Shiba Inu . This one is named after the dog breed shiba inu of the CEO of Tesla , Elon Musk.
ASA’s argument is that such ads were irresponsible. This is what the agency says in a statement:
“Ad Description:
A poster for Floki Inu, a cryptocurrency, seen in November 2021 on the London Underground. The ad had an image of a cartoon dog wearing a Viking helmet. The text read “DOGE LOST. GET FLOKI.” Smaller text at the bottom of the ad said, “The value of your investment may decrease or increase. Cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. is not regulated regulation is when something is controlled by a specific set of rules. in the UK.”
Subject
The ASA challenged that the announcement was irresponsible because:
1. the use of an image of a cartoon dog with a Viking helmet and the claim “Missed Doge. Get Floki” (Missed Doge. Get Floki), exploited consumers’ fears of missing out and trivialized cryptocurrency investing; and 2. the use of an image of a cartoon dog with a Viking helmet and the claim “Missed Doge.
2. took advantage of the inexperience or credulity of consumers”.
Floki’s arguments
In the same ASA communiqué appears the organization’s version after FLOKI, that says “that the cartoon dog image was their corporate logo and was used in the ad as brand recognition. They explained that it was also used on their website, social media platforms and cryptocurrency exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. websites. They believed that it was not socially irresponsible to display their own corporate logo and that in itself did not trivialize cryptocurrency investment. In addition to this, they say that not including the logo would have been irresponsible as consumers would not have been able to identify the source of the marketing communication”.
The ASA, for its part, contends that by suggesting that consumers who had not purchased Dogecoin should invest investing is when you put money in a financial scheme with the intent of making a gain. in a newer alternative, Floki Inu was hinting that its price is also likely to appreciate rapidly. However, the people behind Floki s The Commission maintains that its advertisement was aimed at the “informed customer”. and that it was unlikely that the “average customer”, who was not well versed in crypto investments, was convinced by it.
But that argument also fails to convince the ASA concluded that cryptocurrencies are a “ topical and high-profile issue”. y que los anuncios estaban dirigidos a una “general audience”.
He added:
“In addition, the ad’s qualifying text confirmed that it referred to an investment in cryptocurrencies. Therefore, consumers in general would have understood the ad to be promoting one cryptocurrency in direct comparison to another.”
He also felt that the warning notice about investment risks was too small.
Finally, the action decided by the ASA was:
“El anuncio no debe volver a aparecer en la forma reclamada. Le dijimos a Floki Ltd t/a Floki Inu que se asegurara de no explotar de manera irresponsable el miedo de los consumidores a perderse y trivializar la inversión en criptomonedas. También les dijimos que se aseguraran de que will not irresponsibly take advantage of the lack of experience or consumer gullibility by not making it clear that Capital capital is most commonly defined as the large sum of money you would use to invest. Gains gains refer to an increase in value or profit. Tax could be due on cryptocurrency gains.”
United Kingdom strict
At the present time Floki Inu has a price of USD $ 0.0000443 and is ranked 2,825th in the ranking of CoinMarketCap quite far compared to the other doggy meme coins: Dogecoin is in 13th place and Shiba Inu on the 14th.
It is worth recalling that the UK has imposed strict monitoring of cryptocurrency advertising, further tightening itspolíticas en enero de este año. In January it also banned two exchange announcements Crypto.com and before that, in December 2021, it prohibitedsiete anuncios cripto de importantes empresas.
Sources: ASA.org.uk , Coindesk , archivo
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