Kardashian’s Instagram crypto plug irks UK finance watchdog

Charles Randell, Chair of the Financial Conduct Authority, called for regulators to be given greater powers to protect consumers and said if people buy speculative crypto tokens “you should be prepared to lose all your money”. He pointed to Kardashian’s recent promotion of a speculative digital token.

While Kardashian disclosed that it was “a #AD”, Randell said that she “didn’t have to disclose” that she was promoting “a speculative digital token created a month before by unknown developers – one of hundreds of such tokens that fill the crypto-exchanges”. The FCA also called on online platforms like Facebook Inc, Microsoft Corp, Twitter Inc and TikTok to join Google by committing to stop promoting advertisements for financial products unless an FCA authorised firm has cleared them.

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