By Best Owie
Floki Inu recently bore the brunt of the calls for crackdown on ads being posted on the London transport system. The calls for the crackdown had begun after Floki Inu ads had shown up all over what is known as “The Tube” in London, causing concerns among lawmakers about the risks associated with an investment in these meme tokens.
One of those who voiced concerns was Green Party London Assembly member Sian Berry who called for more due diligence when putting up ads like these in a place where thousands of residents can see them. Sian had concluded that cryptocurrency ads should not be on the transport network.
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Investigations were underway after this as the ASA, the UK’s advertising regulation said it was “reviewing a broad body of ads in this sector.” News of this had made the rounds in the media and now the Floki Inu team has responded.
Floki Inu Response
Following the widely publicized investigation into the Floki Inu ads on the Tube, the team has responded to the calls for ads crackdown. Firstly, the firm told the BBC, the ads were actually “legally cleared” before they went up. In addition, all of the ads that appear on the Tube have clear disclaimers which highlight the volatility and risks involved in investing in the digital asset.
Another point of contention was the fact that there were faceless individuals behind the project. The Floki Inu team cleared this up and revealed the reasons behind their decision to keep its team members anonymous. “Our decision not to prominently feature team members on our website is intentional: to make it clear that FLOKI is THE PEOPLE’s cryptocurrency and a movement focused on them — as is the case with some of the world’s biggest cryptocurrencies.”
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The meme coin which tries to profit off the popularity of pioneer meme coin Dogecoin had seen some measure of success in recent times but its founders are not known to the community. This was clarified in an email to the BBC that pointed out that Netherlands-based Jackie Xu was the lead developer behind the project. Security reasons were also stated as the reason for the largely anonymous team, saying, “Some of our team members chose to be anonymous temporarily because they do not want the distractions, and for security reasons.”
Investigation Into Advertisements
Transport of London had apparently received numerous complaints from the public about the cryptocurrency ads on the transport system, prompting an investigation into these ads. The Mayor of London’s office said it had reached out to both the ASA and Financial Conduct Authority (FCA) to look into the complaints. TfL had in turn said it would “continue to work with the ASA and FCA to encourage better regulation of cryptocurrency.”
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Floki Inu was however not having this as it saw it as a clear attack on cryptocurrencies, citing it as “a clear attempt at censorship.” It also explained that harmful ads pervade the transport system which the regulatory body does nothing about.
“Ads that make women feel shameful about their bodies, as well as ads about Viagra and junk food, are allowed to run freely on the Tube.”
The regulatory body had predicated its entire investigation on the basis that there had been public complaints about the ads. However, the BBC found this to not be the case, stating in the report, “According to Tfl, there have not been widespread complaints from the public about cryptocurrency adverts.”
Featured image from Market Realist, chart from TradingView.com