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Kim Kardashian's cryptocurrency ad sparks criticism from UK financial watchdog
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Kim Kardashian's ad on Instagram for a cryptocurrency sparked concern from a United Kingdom financial watchdog.
Charles Randell, the chair of the UK's Financial Conduct Authority said celebrities with influence and millions of social media followers are putting investors at risk by pushing unknown crypto tokens.
Back in June, Kardashian posted about a cryptocurrency called ethereum max to her over 200 million Instagram followers.
Randell argued that powerful celebs can lure investors to coins that might turn out to be scams.
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"In line with Instagram's rules, [Kardashian] disclosed that this was an ad," Randall told the Cambridge International Symposium on Economic Crime on Monday.
"But she didn't have to disclose that ethereum max – not to be confused with ethereum – was a speculative digital token created a month before by unknown developers – one of hundreds of such tokens that fill the crypto-exchanges."