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The UK's Financial Conduct Authority (FCA) has issued a warning to social media influencers, commonly referred to as 'finfluencers', regarding the promotion of financial products and services without proper authorization. This crackdown is aimed at curbing the spread of misleading financial advice, particularly in relation to crypto memes and memecoins, which have seen a surge in popularity. Influencers found in violation of these regulations could face up to two years in prison. This move comes in the wake of Kim Kardashian being fined $1.26 million by US regulators for similar infractions. The FCA's guidance emphasizes the importance of providing financial promotions that are fair, clear, and not misleading, underlining the regulatory body's commitment to protecting consumers from potential scams and fraudulent activities.
FCA WARNS FINFLUENCERS ON CRYPTO MEME PROMOTION - British financial watchdog, @TheFCA, cautions financial influencers against sharing misleading advice, particularly related to popular crypto memes, emphasizing the need for fairness and clarity. - Violating influencers could… https://t.co/9Rd9cFbORV https://t.co/KTs8UJoXZC
JUST IN: UK FINANCIAL CONDUCT AUTHORITY SAYS CRYPTO INFLUENCERS COULD FACE UP TO 2 YEARS IMPRISONMENT FOR FAILING TO DISCLOSE "FAIR, CLEAR, AND NOT MISLEADING" ADVICE ABOUT MEMECOINS
"Following [#Worldcoin's] launch..., the UK regulators called for an inquiry..., which was then followed by a string of other regulatory bodies in France, Argentina, Germany, Kenya, and Hong Kong, who are all now probing the identity platform." #ethics #data #privacy #business https://t.co/SDDXDrF55M