Floki Inu (CRYPTO: FLOKI) — a Dogecoin (CRYPTO: DOGE)-inspired cryptocurrency — has responded to an advertising ban by a United Kingdom regulator, saying it will continue to battle for the right to advertise its product.
What Happened: The U.K.'s Advertising Standards Authority (ASA) had on Wednesday struck down a promotional campaign by Floki Inu, terming it “irresponsible.”
The ad —appealing to the 'fear of missing out' sentiment in the cryptocurrency community — was featured on London’s buses, the metro network and the Heathrow Airport last year under the slogan “Missed Doge? Get Floki.”
Floki Inu — a meme cryptocurrency named after Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk’s pet Shiba Inu dog “Floki” — denied the ASA allegations, saying that it “did its very best” to be compliant before running these ads.
Our response to the ASA Recommendation About Floki's London Ad, featured in a press release by Cryptopress.https://t.co/jBDudQ6oLj
— Floki Inu (@RealFlokiInu) March 2, 2022
“Floki cannot find where in the CAP Code or ASA guidance it specifically sets out that information relating to Capital Gains Tax must be contained in any advert relating to cryptocurrencies,” the project behind the token noted, adding it has retained attorney advice.
See Also: How To Buy Floki Inu (FLOKI)
Why It Matters: This is not the first time U.K. regulators have banned cryptocurrency-related advertisements.
In December, the ASA took down cryptocurrency-related ads by Coinbase Global Inc. (NASDAQ:COIN), Kraken and other cryptocurrency exchanges for “irresponsibly taking advantage of consumers inexperience and for failing to illustrate the risk of the investment.”
Meanwhile, more than $200 million) were lost to cryptocurrency fraud in the UK since the start of 2021, it was reported in October last year.
Price Action: Floki Inu is down 8.4% during the past 24 hours, trading at $0.00004067 at press time.
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