London Officials Want To Prohibit Crypto Promotions After the Recent Controversial FLOKI Ads

After the recent scandalous ads of FLOKI (Floki Inu) in London, native authorities have been involved in devising strategies for banning the promo campaigns regarding cryptocurrency. It has been reported that TfL (Transport for London) has been urged by the British officials to stopover the permission for crypto advertisements on the infrastructure thereof. The step comes next to the advertisement of a meme token Floki Inu (named after the puppy of Elon Musk) on the underground stations, trains, and buses during the recent two weeks.

Crypto promotions are ‘unethical’

The slogan printed on the ads had the words persuading the people who could not purchase Dogecoin (the prominent meme token) can avail the chance to invest in Floki, and such ads appeared in abundance on a few of the underground stations of London during the last time of the previous month.

Having assured to utilize up to $1.5M on the token’s marketing, the group at the back of Floki Inu elevated the expectations to expand the general involvement of the wider British society. Notwithstanding the latest price appreciation of the asset, several believe it to be a speculative virtual currency. A member of the Green Party London Assembly named Sian Berry claimed crypto ads to be unethical because virtual assets are unregulated in the U.K.

The upsurge of Floki

Meme tokens are certainly a notorious aspect of the industry of digital assets. The value thereof can escalate in contradiction of the dollar up to double or sometimes triple digits rapidly, chiefly due to a well-known person generating puff around them. Simultaneously, depositing in them can result in serious harm for the investors having no preparation for unexpected swings.

Soon after the success of Dogecoin (the most prominent meme token which was developed in 2013 and swelled in fame remarkably during this year due to the push of the superstars like Elon Musk and Snoop Dogg), several copycats entered the space and Floki Inu is one of them having some commonality with the dog of Elon Musk particularly. It touched an all-time high value of $0.000225 on 5th November.

An end to Luno Ads

The ASA (Advertising Standards Authority) was immediate to respond to the advertisements of Luno (a crypto exchange based in London) on the underground stations. It gave a warning to the respective company by stating that these marketing promotions could attract inexperienced investors without making them realize the potential risks.