Charles Randell, chairman of the Financial Conduct Authority, has argued for the United Kingdom regulator to be handed more power in its efforts to oversee the promotion of cryptocurrencies.
In a speech on September 6 at the Cambridge International Symposium on Economic Crime, Randell called for changes that would allow the watchdog to take action against misleading crypto advertisements for speculative tokens.
He said it is “absolutely imperative” that such promotions highlight the risks of a given investment, and that they must not given the impression that the token itself is regulated.
“And, since these promotions are nearly all online and often made by unidentifiable promoters in other jurisdictions, it’s imperative that any regulations in this area cover paid-for advertising on online platforms,” Randell added.
He highlighted the efforts of Kim Kardashian, who was recently paid to promote Ethereum Max via Instagram to her 250 million followers.
Randell’s comments
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