Britain's financial watchdog has issued a warning to financial influencers who may share misleading advice online – including advice about popular memes related to cryptocurrencies.
British Financial Conduct Authority (FCA) He said Tuesday that the advice “must be fair, clear and not misleading.”
If not, so-called “influencers” could face up to two years in prison, an unlimited fine, or both.
“Promotions are not just about likes, they are about the law,” Lucy Castledine, director of consumer investments at the FCA, said in a statement. “We will take action against those who promote financial products illegally.”
It is also required to disclose any financial interests in the assets they promote, as with any investment offer.
“We have seen financial promotions being posted in chat rooms like Reddit and Telegram, often using memes to incentivize certain investments,” the notice said. “Users of chat rooms or forums should be aware that financial promotions on these channels will still be subject to financial promotion restrictions.
“This applies to both public platforms and invitation-only platforms,” the FRA explained.
Memes are a big thing in the cryptocurrency world, really big Coins and tokens It is a popular and widely traded asset in the space.
Cryptocurrencies, based on internet memes and trends and often known for their extreme volatility and how quickly they appear – and disappear – often provide some lucky investors. Big gains. But many people lose trading in it as well.)
The FCA also said it was working to help advise influencers who are considering promoting financial products.
Celebrities promoting cryptocurrencies are nothing new. Top influencers and famous athletes — including Kim Kardashian, boxer Floyd Mayweather, and NBA star Paul Pierce — have previously I ran into a problem With US regulators to exchange cryptocurrencies via their social media accounts.
Edited by Ryan Ozawa.
