UK regulators warn that "financial influencers" must not promote illegal cryptocurrencies and "get-rich-quick" schemes such as NFTs

ChainCatcher news, the UK's Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA) jointly issued a warning to social media "finfluencers," demanding that they cease promoting illegal "get rich quick" schemes or face enforcement action. The warning statement mentioned cryptocurrencies and NFTs, stating: "The Advertising Standards Authority is responsible for regulating the promotion of other financial products, including cryptocurrencies, fan tokens, and NFTs, and ensuring that all advertisements are responsible. If your posts violate the rules, the ASA will take action."

In addition to conducting "due diligence," social media influencers should also seek FCA approval and ensure that advertisements are legal, truthful, and properly labeled as advertisements according to ASA rules. The warning also stated: "When in doubt, do not promote. Illegally promoting financial products or services is a crime, punishable by up to two years in prison and unlimited fines." (Cointelegraph)