British watchdog criticizes Kim Kardashian for exploiting her followers

British watchdog criticizes Kim Kardashian for exploiting her followers
British watchdog criticizes Kim Kardashian for exploiting her followers

Kim Kardashian has been criticized for promoting an untested cryptocurrency on her Instagram account, by a president UK Financial Conduct Authority (FCA).

FCA President Charles Randall said Kardashian “asked her 250 million followers to speculate on cryptocurrency” by promoting an ad for Ethereum Max, a coin that Randall defined as a “speculative digital token created a month ago by unknown developers.” .

Randall accused “influencers” of fueling “get-rich-quick delusions”, while speaking at the Cambridge International Symposium on Economic Crime.

The FCA chief considered Kardashian’s Instagram post, which he indicated had been correctly flagged to identify it as an ad, “financial promotion of the largest fan base in history”.

He stressed that the Ethereum Max token should not be confused with the cryptocurrency Ethereum.

“I can’t tell if this token is [Ethereum Max] It’s a scam.”

“But social media influencers routinely get paid by scammers to help them inject and dump new tokens on a purely speculative principle. Some influencers promote coins that simply don’t exist at all.”

Randle explained that about 2.3 million Britons currently own cryptocurrency, and he said 14% of them use credit to buy it – “which increases the exposure to loss”.

He reiterated the FCA’s warning repeatedly about the risks of holding “speculative tokens”, which are neither regulated by the FCA nor covered by any compensation scheme.

“If you buy it, you should be prepared to lose all your money,” he said.

He pointed out that there is a case study of organizing promotions to address the misperceptions of consumers that their investments are protected.

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