According to the head of the UK's financial watchdog, cryptocurrency advertising, particularly those from social media influencers, should be controlled, citing a recent ad released by Kim Kardashian as an instance.Amateur investors have been drawn to virtual currencies and tokens by the promise of huge profits, but they also run the risk of losing a lot of money or being duped."As we live more and more of our lives online,
We can't allow online business to operate in ways we wouldn't tolerate with any other business," said Charles Randell, the chairman of the Financial Conduct Authority (FCA) in the United Kingdom, on Monday."That includes rules which protect people from investment fraud and scams." Kardashian promoted Ethereum Max, a virtual token, in a post feed on her Instagram account, which has more than 200 million followers, in June.Ethereum Max, as per Randell, is unconnected to Ethereum,
The world's second most popular cryptocurrency after bitcoin."When she was recently paid to ask her 250 million Instagram followers to speculate on crypto tokens by 'joining the Ethereum Max Community', it may have been the financial promotion with the single biggest audience reach in history," Randell said.According to Instagram's regulations, the post was labeled as an advertisement. "But she didn't have to disclose that Ethereum Max -- not to be confused with Ethereum -- was a speculative digital token created a month before by unknown developers."
Source: NDTV Profit
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