UK Regulators to Probe Meme Token Floki for Unethical Crypto Ads

After the success of the Dogecoin mania, the cryptocurrency market was flooded by several new canine meme tokens. One of the newest additions to the list of meme coins is Floki. This token has not provided any information about the founder of the central controller of the crypto token. Recently, the authorities in the UK have taken legal action against this new token.

According to the media reports, several politicians have taken issue with the advertisement approach of the token. The case has been forwarded to the Advertising Standards Authority (ASA) that claims that a huge number of ads have been placed by the blockchain project for promoting the new satirical token.

The Floki blockchain claims to be a decentralized cryptocurrency. However, there are some designated managers of the network. To date, no information has been made public about the owner and developer of the token that has created some suspicion among the users. However, a blockchain developer associated with the platform named Jack Xu has provided some insight into the matter.

XU hails from the Netherlands, and he told the media that the token is not an anonymous coin project. The users who undergo the mandatory KYC registration process can get access to the panel of the strategic partners of the project. He further claimed that some of the members of the blockchain have chosen to remain unnamed to protect their privacy and security.

Removal of Floki Token Ads

Transport for London (TfL) has received an official warning from the regulators to screen the advertisements posted by the Floki blockchain with extra care. The TfL officials have clarified that no public members have submitted any complaints about these tokens thus far. On the other hand, the management of the Floki token argues that all the ads have been transparent with the transfer of information.

The management claims that all the ads contain a warning to the watchers that cryptocurrencies are subjected to high volatility. The Mayor of London, Sadiq Khan, has also claimed that the public places and transportation systems should remain clean. Khan further added that based on their contents, these ads could be categorized as unethical.

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