London Underground puts the brakes on cryptocurrency adverts

After a campaign was launched and plastered across the London Underground promoting the token, inspired by Elon Musk’s dog, floki inu, Transport for London (TfL) has confirmed it is taken a tougher stance on crypto marketing. 

In what could be regarded as a ‘call to action’, the advert stated “Missed Doge? Get Floki”, and prompted criticism for the promotion of an unregulated coin, that’s in spite of there being no evidence that the token is anything other than legitimate. 

Speaking to Insider, TfL Head of Commercial Media Chris Reader commented: “Since 2018, we have asked our advertising partners to refer all cryptocurrency advertising to us for review prior to it running on our estate.

“When reviewing copy now from cryptocurrency brands who wish to advertise on our estate, we ensure that campaigns contain sufficient information to comply with both our policy and the ASA (Advertising Standards Authority) ruling.”

Furthermore, it follows the TfL taking a tougher stance with regard to gambling marketing on the underground, after orders from Mayor Sadiq Khan. 

It’s a decision that The Evening Standard reported will cost TfL between £13-£25 million in lost advertising revenues per year.   

Advertising standards and consumer groups have urged TfL to improve its monitoring and scrutiny of ‘risky adverts’ displaying content for financial and alternative investments.