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Following a Floki Inu billboard campaign, Green Party London Assembly Member Sian Berry has advocated for a crypto marketing ban on London’s public transportation.
Following a three-week-long Floki Inu campaign on the London Underground, Sian Berry, a Green Party London Assembly member, has called for a ban on cryptocurrency advertisements.
According to Berry, the prohibition should be implemented because cryptocurrencies are currently uncontrolled in the United Kingdom.
“Where the advert says ‘this is completely unregulated, you may lose all your money,’ they ought to have had second thoughts,” she reportedly said.
“I don’t think cryptocurrency ads should be on the [transportation] network. They’re unethical,” she added.
The Floki Inu ad
Last month, the cryptocurrency Floki Inu—named after Elon Musk’s dog—grew by more than 200 percent in a single day.
The creators of Floki Inu began a marketing campaign that saw Floki Inu featured on buses and the London Underground just prior to that drastic price jump. Investors who missed out on the early Dogecoin frenzy could instead buy Floki Inu, according to the advertising.
“Missed DOGE? Get FLOKI,” the ad said.
Yet, despite some of the hype surrounding Floki Inu, the ads have clearly caused some controversy. What’s more, this is not the first time the UK has wrestled with crypto ads on public transport.
UK and crypto ads
The Advertising Standards Authority of the United Kingdom prohibited a “irresponsible” campaign launched by the crypto exchange Luno in May. Luno’s campaign commercial read, “If you see Bitcoin on the Underground, it’s time to purchase.”
“We recognised that Bitcoin investment was complicated, volatile, and may result in losses for investors.” “This was in stark contrast to the advertisement,” the ASA stated in a statement.
The ASA had previously taken action against a Coinfloor ad for “irresponsibly” advertising Bitcoin as an investment to retirees.
Fast forward to July of this year, and Miles Lockwood, director of complaints and investigations at the ASA, said that potentially misleading crypto ads were an “absolutely critical and priority area” for the organization.
“Where we do find problems we will crack down hard and fast,” he added.