Following the massive surge in crypto ads, including the dog-themed memecoin, Floki Inu, on many buses in London, UK officials have demanded that these ads be banned.
Transport for London (TfL), the UK government agency that manages the public transport system, has been warned to ban Floki Inu ads, as well as other unregulated crypto products.
A few weeks ago, London buses and Underground stations were flooded with ads stating "Missed Doge? Get Floki," which was targeted at commuters using the city's public transport system.
The identity of the group funding the posters has remained anonymous, as there is no mention of any names or contact addresses, making it very difficult to track them down.
Since the digital tokens sector is still unregulated in the UK, officials are concerned that unsuspecting investors might fall victim to some crypto scams
Although there is no evidence proving that the group behind Floki Inu are scammers, regulators are worried about the possibility of a “pump and dump” scam, where a small number of investors drive massive attention towards a coin, and subsequently amass large profits by dumping their assets after the coin's price rises.
Crypto Ads… Are 'Unethical'
Speaking on the recent surge in memecoin ads in London, the London Green Party Assembly member, Siân Berry noted that the TfL should impose stringent rules on the approval of crypto ads.
She noted that TfL had approved three crypto ads, including the Floki Inu ad, where there is a disclaimer saying 'This is completely unregulated, you may lose all your money.'
She added: 'This should have raised a red flag and someone at TfL should have looked at this before it was approved… I don’t think cryptocurrency ads should be on the network. They’re unethical.'
UK Crackdown on Misleading Crypto Ads
Earlier in July, the UK's advertising watchdog, the Advertising Standards Authority (ASA), revealed that it has plans to crack down on misleading crypto-related ads that are circulating within the region.
The regulatory body noted that the recent boom in the crypto market has called for intensified efforts to monitor crypto ads and prevent uninformed investors from losing their life savings.
Speaking of losses, just last month, a digital token inspired by the Netflix show, Squid Game, received global hype within a short time, fueling a 310,000% rise in value within 24 hours.
Sadly, the project crashed within a couple of hours, the anonymous developers disappeared with profits of over £1.5 million, and investors were left scratching their heads.