A promotional campaign conducted by memecoin Floki Inu FLOKI/USD was struck down by the UK's advertising regulator Advertising Standards Authority (ASA).
What Happened: The ASA described FLoki Inu's advertising campaign as "irresponsible" in its Wednesday ruling.
The reasons why the regulator deemed the campaign unacceptable are that it purportedly "exploited consumers' fears of missing out and trivialized investment in cryptocurrency" and also "took advantage of consumers' inexperience or credulity."
See Also: HOW TO BUY FLOKI INU (FLOKI)
The legal entity behind Floki Inu opposed these accusations and said that the ad "did not create a sense of urgency for the average consumer" and "compiled with the [Committee of Advertising Practice] Code."
The announcement follows mid-November reports about Sian Berry, former co-leader of the Green Party of England and Wales and current member of the London Assembly, complaining about Foki Inu carpeting London with ads. At the time the coin was featured on ads on 300 buses, the London Underground and 329 locations in the Heathrow Airport for four weeks.
FLOKI Price Action: As of press time, Floki Inu is trading at $0.00004128 after seeing its price increase by about 12.04% over the last 24 hours.
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