Britain's financial watchdog has issued a warning to financial influencers who share misleading advice online, including tips about popular crypto memes.
UK's Financial Conduct Authority (FCA) he said. Tuesday said the advice should be “fair, clear and not misleading.”
Otherwise, so-called “finfluners” can face up to two years in prison, an unlimited fine, or both.
“Promotions are not just about likes, they're about the law,” FCA director of consumer investments Lucy Castledin said in a statement. We will take action against those who operate financial products illegally.
It is also necessary to disclose any financial interests in the property you are promoting – as with any investment amount.
“We've seen financial promotions broadcast on chat rooms like Reddit and Telegram, often using memes to promote certain investments,” the announcement read. “Users of chat rooms or forums should be aware that financial promotions on these channels may still apply. To financial promotion limits.
“This applies to both public and invite-only forums,” the FCA explained.
Memes are big in the crypto world – really big. meme coins and tokens They are the most popular and traded properties in the area.
Based on internet memes and trends, cryptocurrencies are often known for their extreme volatility and how quickly they appear – and disappear – often providing some lucky investors. Big profit. (but many miss trading them).
The FCA also said it had worked to help advise influencers considering introducing financial products.
Celebrity crypto touts are nothing new. Top influencers and famous athletes – including Kim Kardashian, boxer Floyd Mayweather and NBA star Paul Pierce – have previously Running into trouble With US regulators on shilling cryptocurrency on their social media accounts.
Edited by Ryan Ozawa.
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