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UK Regulator Bans Floki Inu Ads as 'Irresponsible'
The ASA said the ads "irresponsibly exploited" consumers' fears of missing out and trivialized investment in cryptocurrency.
Updated May 11, 2023, 5:19 p.m. Published Mar 2, 2022, 9:28 a.m.
The U.K.'s Advertising Standards Authority (ASA) banned ads for a meme-based crypto named after Elon Musk's shiba inu dog, saying they were "irresponsible."
- The floki Inu coin was advertised on London's buses and metro network last year under the slogan "Missed Doge? Get Floki."
- The ad regulator concluded the ads "irresponsibly exploited" consumers' fear of missing out and trivialized investment in cryptocurrency.
- By suggesting that consumers who had not purchased dogecoin should invest in a newer alternative, the ads for loki inu implied it, too, would be likely to appreciate quickly in price, the ASA said.
- Floki Inu had argued the ad was aimed at the "informed customer" and that the "average customer" – who was not well versed in crypto investment – would be unlikely to engage with it.
- The ASA concluded, however, that crypto is a "high profile and topical matter" and the ads were addressed to a "general audience."
- The ads must therefore not appear "in the form complained about."
- Floki inu, which launched in July 2021, is priced at $0.0000444 according to data from CoinMarketCap. It hit an all-time high of $0.0003437 on Nov. 4.
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Read more: UK’s Advertising Regulator Bans 2 Crypto.com Ads
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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