UK uses Love Island star to warn finfluencers on crypto and investment schemes
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The financial and advertising regulators of the United Kingdom have teamed up to send a warning to social media “finfluencers” telling them to stop promoting illegal “get rich quick” schemes or face law enforcement.
The Financial Conduct Authority (FCA) and the Advertising Standards Authority (ACA) made reference to cryptocurrencies and nonfungible tokens in their April 6
Across the channel, France is edging closer to banning French social media influencers from promoting cryptocurrencies and NFTs from unlicensed firms after the National Assembly’s economic committee voted in favor of an amendment proposal on March 23.
If passed, the new law would add crypto assets to a list of prohibited products, such as gambling and pharmaceuticals, that cannot be promoted by influencers.
Those found to violate the incoming law may also be subject to two years’ imprisonment with a fine of 30,000 Euros ($32,300).
Reality TV star Kim Kardashian, boxing legend Floyd Mayweather and internet celebrity Jake Paul are some of the most notable figures to have found themselves embroiled in allegedly promoting crypto investment schemes.
