Crypto advert Floki Inu placed on public transport in London is now under investigation. The Advertising Standards Authority (ASA) will investigate whether the ads are breaking the rules or not.
The advert for Floki Inu is named after Tesla boss Elon Musk’s dog. It has appeared on underground trains and buses. The UK’s advertising authority ASA said that they are “reviewing a broad body of ads in this sector”. They also said, “These ads also include a clear disclaimer highlighting the volatility of cryptocurrencies.”
It seems the advert is trying to keep pace with the growth of the Dogecoin cryptocurrency. Dogecoin started as a satirical joke which has a theoretical total value measured in billions of dollars. Though there are limited details on its website, Floki Inu was working from behind the project.
Floki Inu said, “Our decision not to prominently feature team members on our website is intentional: to make it clear that Floki is the people’s cryptocurrency and a movement focused on them.”
They also said, “The Floki team isn’t entirely anonymous as is being purported, but some of our team members chose to be anonymous temporarily because they do not want the distractions, and for security reasons.”
Previously, the ASA banned an advert for the cryptocurrency exchange Luno. The ASA authority said, “We’ll be assessing whether these ads break our rules and using our findings to inform our regulation in this area, including any follow-up enforcement action.”
It also said, “must avoid jargon that can’t be easily understood by their audience or take advantage of their lack of experience, and must appropriately flag risk, noting that the value of investments is variable and go down as well as up”.