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Here we are going to share the news with you, that the Advertising Standards Authority (ASA), the U.K’s of advertising launched its “Ruling on Floki Inu” on Wednesday. The authority of advertising started investigating an ad campaign for floki inu (FLOKI), the cryptocurrency boost by Elon Musk’s Shiba Inu dog, in November last year after the Flkoi ad was seen on public transport in London. The ad contains a floki inu logo and text that says, “Missed Doge? Get Floki.” it also contains smaller text at the bottom that reads, “the investment may go down as well as up in value. Cryptocurrency is not regulated in the UK,” Here are several things for telling you about the news. You are on the right page for getting the right information. We will try to cover all the important details in this article.
Also Read: SHIBA Inu Price Prediction
According to our search, after inquiry, the ASA ruled: “the use of a cartoon dog wearing a Viking helmet and the claim “Missed Doge. Get Floki,’ exploited consumers’ fears of missing out and trivialized investment in cryptocurrency.” Additionally, the advertising watchdog ruled that “the ad was not responsible” and “took benefit of consumers inexperience of credulity.” The ASA explained that it has told the team behind the floki inu cryptocurrency “to ensure that they did not irresponsibly exploit consumer’s fear of missing out and trivialize investment in cryptocurrency.” They should be also “ascertain that they did not irresponsibly take benefits of consumers’ lack of knowledge or credulity by not making clear CGT could be due on cryptocurrency profits. and one thing as well “The ad must not appear again in the form complained about.
Furthermore, the authority of advertising also noted that the disclaimer at the bottom of the ad was small compared to the size of the text “Missed Doge? Get Floki, ” that’s why, the ASA examined “apart from the qualifying text, the overriding impression of the ad was the pressing need to buy floki, to prevent consumers losing out in the same way they could have done with dogecoin.”
The British authority of advertising has been cracking down on misleading crypto ads. In December, the ASA banned seven crypto ads for papa john’s pizza, Etoro, Luno, Coinbase, Kraken, Coinburp, and Exmo. Furthermore, A announcement has been made by The government of the U.K in January of its plans to impose new rules on the cryptocurrency advertisement to “preserve consumers from misleading claims,” Stay tuned for more updates.
