Sharon Gaffka, a former contestant on Love Island, has joined forces with the FCA and ASA to warn against promoting crypto schemes.
The United Kingdom’s regulators are taking additional measures to prevent influencers from promoting crypto schemes. This time, regulators have warned “finfluencers” not to promote cryptocurrency frauds and get-rich-quick schemes.
The Financial Conduct Authority and Advertising Standards Authority of the United Kingdom have collaborated to launch a campaign aimed at preventing these investments from recommending unsafe financial products. As part of their endeavors, they are collaborating with Sharon Gaffka, a former Love Island contestant.
Individuals who commit a criminal offense may be sentenced to up to two years in prison time and an unlimited fine.
The FCA has intensified its actions against malicious actors in the cryptocurrency market. Specifically, it and the ASA have decided to crack down on deceptive advertising.
The agency issued a notice regarding crypto promotions in February. Among other requirements, these promotions must be dispersed by an FCA-licensed individual. Authorities believe that crypto assets have been too readily promoted in the country, so this is a significant step forward.
Crypto.com, which was recently accused of “misleading” and “irresponsible” advertising practices, is among the companies that have caught the interest of U.K. regulators. The ASA stated that the company “failed to demonstrate the risk associated with investing in non-fungible tokens.” Australian regulators may also scrutinize Crypto.com for comparable reasons.
The trend indicates that governments around the globe wish to eradicate reckless advertising. It has been a long time coming, but the world is now preparing for more extensive crypto regulations.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.