The UK Financial Conduct Authority (FCA) suspects Kim Kardashian of price manipulationEthereum Max token and advertising of a dubious product.
Cryptocurrency advertising, especially from social media influencers, should be regulated, according to the head of Britain's financial watchdog.
Charles Randall, head of the FCA stated:
Virtual currencies and tokens have attracted interestamateur investors, lured by crazy profits, but also risking big losses and deception... As we live more and more online, we can't afford to let online businesses behave in ways we wouldn't tolerate with any other business... This includes rules that protect people from investment scams.
In June, Kardashian promoted the Ethereum Max token on her Instagram, which has around 250 million followers. The post was flagged as an ad according to Instagram guidelines.
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