Britain's financial watchdog has issued a warning to financial influencers who may share misleading advice online, including tips about popular cryptocurrency memes.
UK Financial Conduct Authority (FCA) Said On Tuesday, it said advice should be “fair, clear and not misleading”.
Otherwise, so-called “finfluencers” could face up to two years in prison, an unlimited fine, or both.
Lucy Castledine, director of consumer investments at the FCA, said in a statement: “Promotions are not just about goodwill, they are about the law.” “We will take action against those who illegally promote financial products.”
As with any investment pitch, they are also required to disclose any financial interest in the assets they promote.
“We've seen financial promotions taking place in chatrooms like Reddit and Telegram. Memes are often used to hype specific investments. Users of chatrooms and forums , you should be aware that financial promotions on these channels will still be covered,” the notice reads. To the limits of fiscal promotion.
“This applies to both public and invite-only platforms,” the FCA clarified.
Memes are big in the world of cryptocurrencies. meme coins and tokens is a very popular and traded asset in this space.
Cryptocurrencies are based on internet memes and trends and are well known for their extreme volatility and the speed at which they appear and disappear, often benefitting a few lucky investors. big profit. However, many people trade them and sometimes lose money).
The FCA said it has also been working to help advise influencers considering promoting financial products.
Celebrities promoting cryptocurrencies is nothing new.Top influencers and famous athletes have participated so far, including Kim Kardashian, boxer Floyd Mayweather, and NBA star Paul Pierce. run into trouble Shilling cryptocurrency transactions with US regulators via social media accounts.
Edited by Ryan Ozawa.
