UK authorities have reportedly urged Transport for London (TfL) to stop allowing cryptocurrency advertisements on its infrastructure. The move comes after Floki Inu – a meme coin named after Elon Musk’s puppy – was advertised on the city’s underground stations, buses, and trains for the last couple of weeks.
Crypto Ads Are “Immoral”
“Did you miss Doge?” Get Floki ”- was the slogan that appeared on some of the London Underground stations at the end of last month. Promising to spend $1.5 million on marketing the token, the team behind the memecoin Floki Inu raised hopes to increase the overall engagement of the broader British society.
Despite the recent appreciation in the asset’s price, many see it as a speculative digital currency with no proper regulation. Moreover, advertising it openly around one of the largest cities in Europe could result in losses for people who are not aware of the potential risks in the digital asset industry, and more specifically, dealing with meme coins.
As such, the London transport authority – TfL – has decided to crack down on these ads, according to recent reports. Chris Reader – Head of commercial media at the local government body – assured that cryptocurrency brands who wish to advertise their product will now have to pass a thorough investigation before their token gets displayed around the city:
“We make sure that the campaigns contain enough information to comply with both our policy and the ASA [Advertising Standards Authority] decision.”
TfL’s policy added that nothing sensitive or dubious could be advertised on its platforms, hinting about the controversial nature of meme coins like Floki Inu.
Sian Berry – the Green Party Assembly member in London – has also spoken out on the issue, saying the cryptocurrency ads are “unethical”. She said digital assets in the United Kingdom are unregulated, and individuals “may lose all their money” if they enter the market.
The Rise of Floki
Even coins are, by all means, a controversial aspect of the digital asset industry. Their value against the dollar can surge by double or even triple digits overnight, mainly because a famous individual creates hype around them. At the same time, investing in them can lead to heavy losses for investors who are not prepared for their unexpected fluctuations.
When speaking about meme coins, one can not surpass Dogecoin. Created as a joke in 2013, the token surged in popularity this year. Interestingly, the mind-boggling demand has been fueled by celebrities like Snoop Dogg and, of course, Elon Musk.
Shortly after Dogecoin’s success, many other copycats started flooding the cryptocurrency space. One of them (Floki Inu) was particularly interesting simply because he had something in common with Elon Musk’s dog.
And, like before, when a digital asset has any connection whatsoever with Tesla’s CEO, it skyrockets to an all-time high. Floki Inu’s price currently stands at $ 0.000225, as it declined slightly from its last ATH recorded on November 5th.
No More Luno Ads as Well
This is not the first time an advert for digital assets has popped up in England’s capital. Earlier this year, like CryptoPotato The Luno cryptocurrency app reportedly caught the attention of UK regulators by posting the following statement around the public transport network: “If you see Bitcoin on the subway, it’s time to buy.
The Advertising Standards Authority (ASA) was quick to react and banned the ads. The watchdog warned that such marketing endorsements could lure inexperienced investors in without realizing the potential risks:
“We concluded that the announcement irresponsibly suggested that engaging in Bitcoin investments through Luno was straightforward and easy, especially since the audience to which the general public is addressing were likely to be inexperienced in their understanding cryptocurrencies. “
