UK Regulator Bans Floki Inu Ads as 'Irresponsible'

The ASA said the ads "irresponsibly exploited" consumers' fears of missing out and trivialized investment in cryptocurrency.

By Jamie Crawley

Mar 2, 2022 at 9:28 a.m. UTC

Updated Mar 2, 2022 at 5:28 p.m. UTC

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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The U.K.'s Advertising Standards Authority (ASA) banned ads for a meme-based crypto named after Elon Musk's shiba inu dog, saying they were "irresponsible."

The floki Inu coin was advertised on London's buses and metro network last year under the slogan "Missed Doge? Get Floki."
The ad regulator concluded the ads "irresponsibly exploited" consumers' fear of missing out and trivialized investment in cryptocurrency.
By suggesting that consumers who had not purchased dogecoin should invest in a newer alternative, the ads for loki inu implied it, too, would be likely to appreciate quickly in price, the ASA said.
Floki Inu had argued the ad was aimed at the "informed customer" and that the "average customer" – who was not well versed in crypto investment – would be unlikely to engage with it.
The ASA concluded, however, that crypto is a "high profile and topical matter" and the ads were addressed to a "general audience."
The ads must therefore not appear "in the form complained about."
Floki inu, which launched in July 2021, is priced at $0.0000444 according to data from CoinMarketCap. It hit an all-time high of $0.0003437 on Nov. 4.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter