Crypto advertising on UK local transport gets cracked down by lawmaker

British MP Sian Berry has questioned London Mayor Sadiq Khan about crypto ads displayed on Transport for London (TfL) vehicles. Calling them “immoral”, Berry said these ads featuring the dog coin floki inu should have raised “red flags”. The development comes just days after three ads for crypto products were approved to appear at metro and bus stations under TfL. Posters depicting the logo of the crypto coin were part of the campaign.

“Where the ad says ‘this is completely unregulated, you can lose all your money’, they should have had second thoughts. I don’t think cryptocurrency ads should be on the network. They’re unethical,” The Guardian told Berry. Quoted said.

The pro-crypto advertising campaign was funded by an unknown group, the details of which are still unknown.

The development has garnered mixed public reactions on Twitter

Meanwhile, crypto culture is expanding rapidly in the UK.

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

News about UK citizens trying to find ways to support cryptocurrency mining through renewable energy sources has also been making headlines in recent days.

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

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

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

Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on 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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