The lawmaker stated that she wasn’t specifically targeting meme-coin Floki Inu in the push for this crackdown, but alternatively as one of three modern-day crypto advertising and marketing campaigns on London’s public transport.
Sian Berry, former co-leader of the Green Party of England and Wales and contemporary member of the London Assembly, is looking to crack down on crypto advertisements on public transport.
According to a Sunday Twitter post, Berry said she would be recommending the Mayor of London, Sadiq Khan, to ban all crypto advertising in the city’s transport network, such as many rail and bus services. The assembly member’s name to action comes following token assignment Floki Inu saying it would develop a “full-out assault on the London public transportation system” with posters on underground trains and buses.
Like gambling ads, which we have finally got the Mayor to remove, there is no way our public services should be used to advertise these unregulated, risky schemes to Londoners. I asked for a ban in July and I am still pushing.
— Sian Berry (@sianberry) November 14, 2021
“Where the advert says “this is absolutely unregulated, you can also lose all your money,” they ought to have had 2d thoughts,” said Berry in an interview with the Guardian. “I don’t assume cryptocurrency commercials have to be on the network. They’re unethical.”
The United Kingdom’s capital is no stranger to crypto advertising, being domestic to a number of exchanges and projects. Tokens consisting of Richard Heart’s HEX have until now centered the town for commercials in newspapers, on public transportation, and even for the duration of wearing events. Last year, Binance blanketed the town in ads in development of the launch of its U.K. arm.
Though many of these campaigns have long past forward besides incident, Berry’s worries seem to be centered on viable “pump and dump” schemes, in which advertising for a assignment should probably purpose a massive wide variety of Londoners to purchase tokens and only a few investors income by using selling their holdings when the price rises.
The United Kingdom’s Advertising Standards Authority blocked a marketing campaign with the aid of crypto exchange Luno in May by claiming that the firm’s “it’s time to buy” announcement on ads may want to give the impression that investing in Bitcoin (BTC) was “straightforward and accessible.”
“I prefer to clean up commercials on the tube in a number ways, including removing commercials for motors and airlines,” said Berry. “Risky economic products, like gambling, are phases of that policy. I don’t favor banning cryptocurrencies outright and have no desire to do so.”
Berry delivered that she wasn’t specifically concentrating on Floki in the push for this crackdown, however as a substitute as one of three crypto advertising campaigns in London. However, she stated that contributors of the Floki Army — i.e., supporters of the token on social media networks — had inundated her with messages “making it show up more like a cult than a scam.”
In Floki’s case, the advertisements seem to be contributing to an upward shove in the token price. According to statistics the charge of the token surged more than 500% between Oct. 26 and Nov. 4, when it hit an all-time high of $0.0003406.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.