Floki Inu condemns ad ban by UK regulator; Here’s why

Sahana Kiran
Floki Inu
Source – Unsplash

Prominent meme coin, Floki Inu [FLOKI] found itself drowning in troubled waters following UK’s Advertising Standards Authority [ASA] latest ban. The regulator went on to label advertisements displayed by FLOKI as “irresponsible.” The ads that read, “Missed DOGE? Get FLOKI” were all over underground stations, buses as well as trains in London.

Floki Inu
Source – Financial Times

While Floki Inu was attempting to advertise itself, the UK advertising authorities suggested that the adverts were instilling consumer fear of missing out and trivializing investing in the asset. All of this took place back in October 2021. However now, the regulator followed this up with a ban on this particular FLOKI ad in the region.

Floki Inu denies all the above allegations

The meme coin went on to condemn all of the ASA’s charges. The crypto regulatory climate in the United Kingdom, particularly with regard to advertisements, has been rather harsh. The government has prohibited big cryptocurrency exchanges such as Kraken, Coinbase, and eToro from advertising their businesses. As a result, many people were not surprised by the recent restriction.

Floki, on the other hand, opted to address the entire scenario. Before running the adverts, the network stated that it was extremely “compliant.” However, in response to the regulators’ notification, Floki Inu decided to include risk warnings and disclaimers in its marketing. The network went on to say,

“At no point was it brought to Floki’s attention by CAP that there was a requirement for consumers to be advised on the implications of Capital Gains Tax on investments in cryptocurrency. Had this been brought to Floki’s attention, Floki would have followed such advice and included the information in their marketing campaign.”

Furthermore, the network seized on the ASA’s claims that the advertising was reckless. Floki Inu stated that their commercials were clear, citing Code rule 14.1. The code requires products to be advertised in an easily understandable manner. According to the network, the phrasing and logo of the advertising allowed the audience to properly understand the information contained in the ad.

The network continued by implying that it was not fully forbidden from running advertisements in the United Kingdom. The ad that put it in trouble, however, was barred from appearing. Floki Inu stated that it would battle for the right to advertise its product in the future.