The UK Financial Conduct Authority (FCA) suspects Kim Kardashian of manipulating the price of the Ethereum Max token and advertising dubious products.
Cryptocurrency advertisements, especially from social media influencers, should be regulated, according to the head of Britain's financial watchdog.
Charles Randell, head of the FCA said:
Virtual currencies and tokens have attracted the interest of amateur investors, lured by wild profits, but also at risk of big losses and deception... As we live more and more online, we cannot allow online businesses to behave in ways we would not tolerate with any other business... This includes rules that protect people from investment scams. scam.
In June, Kardashian promoted the Ethereum Max token on her Instagram, which has about 250 million followers. The post was marked as advertising in accordance with Instagram rules.
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