The audit chief warns customers against being tricked into a “crypto bubble in the delusion of quick money”.
Kim Kardashian asked her 250 million followers if they are interested in crypto in paid instagram stories.
Earlier this year, Kim Kardashian reportedly posted an Instagram story in which she advertised etherium max to her 250 million followers, according to the BBC and Bloomberg.
This story was tagged with advertisements, and now the UK Financial Services Authority is reacting.
– When he was recently paid to solicit his 250 million instagram followers to speculate in digital currencies by “joining the Etherium Max community”, it was perhaps the largest audience-driven financial promotion in history, said UK Financial Services Authority chief Charles Randell, in his Monday speech, wrote Bloomberg.
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Warn not to be cheated
Customers risk being duped into a “crypto bubble in the delusion of quick money” by high-profile influencers like Kim Kardashian, he warned, according to the news agency.
According to BBC Ethereum, Randell described Max as “a speculative digital currency created a month earlier by an unknown developer”.
– I can not say whether the current currency is a scam, he said according to the channel.
– But social media stars are routinely paid by scammers to help them pump and dump new currency based on pure speculation. Some influencers are promoting coins that don’t exist at all, he added.
Neither Ethereum Max nor Kardashian responded to the channel’s questions.
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– It might not end well
According to Bloomberg, Randall believes that those who choose to invest in crypto should be prepared to lose all the money they invest.
“This currency has only been around for a few years, so we haven’t seen what happens through the full financial cycle,” he said.
– We don’t know when or how this story will end, but like all speculation, it may not end well, he added according to the news agency.
The audit also asked platforms such as Facebook, Microsoft, Twitter and TikTok to join Google and commit not to promote advertising of financial products unless approved by the authorities, according to Bloomberg.
In this country, Peter Frølich’s Conservative Party has previously warned of the possibility of subtle flu regulation, and that he will go through regulation to close loopholes and gray areas in regulation.
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