HomeTechnologyCrypto Ads on UK’s Local Transport Get Slammed by Lawmaker

Crypto Ads on UK’s Local Transport Get Slammed by Lawmaker


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British parliamentarian Sian Berry has questioned the mayor of London, Sadiq Khan, about crypto advertisements that have been featuring on the Transport for London (TfL) vehicles. Calling them “unethical”, Berry said these advertisements featuring dog coin Floki Inu should have raised “red flags”. The development comes just days after three advertisements for crypto products were approved to be displayed on the subway and bus stations under Tfl. Posters depicting the crypto coin’s logo were part of the campaign.

“Where the advert says ‘this is completely unregulated, you may lose all your money’, they ought to have had second thoughts. I don’t think cryptocurrency ads should be on the network. They’re unethical,” The Guardian quoted Berry as saying .

The pro-crypto ad campaign was funded by an anonymous group, details of which still remain unknown.

The development has garnered mixed public reactions on Twitter

Meanwhile, the crypto culture is rapidly expanding in the UK.

Earlier in September, PayPal allowed its customers in the UK to trade in cryptocurrencies.

News about UK nationals trying to find ways to support cryptocurrency mining via renewable energy sources have also made headlines in the recent past.

The number of cryptocurrency users in the UK has surged by 558 percent since the beginning of 2018 when just three percent of the population — 1.5 million people — owned some, a recent report by research firm Finder had claimed.

With this growth, crypto scams are also growing in the region. .

Analyst firm Chainalysis in a recent report revealed that at least $815 million (roughly Rs. 6,135 crore) was sent in crypto to scam projects from Eastern European countries between July 2020 and June 2021.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.


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