FCA Delivers Important Warning About Kim Kardashian Cryptocurrency

• The Financial Conduct Authority (FCA) has warned investors against crypto assets promoted by influencers like Kim Kardashian

• According to the watchdog, investors may buy into cryptocurrencies due to fear of missing out on fake assets

• FCA chair, Charles Randell has slammed influencers, claiming that they are willing to betray their fan’s trust for a token

The Financial Conduct Authority (FCA) has issued a caution to young investors about cryptocurrencies.

The watchdog has warned investors to desist from buying cryptocurrencies solely based on hype and promotion from influencers like Kim Kardashian.

The FCA chair, Charles Randell gave this warning while speaking at the Cambridge International Symposium on Economic Crime on Monday.

According to the FCA boss, the hype surrounding crypto assets often creates a fear of missing out and sometimes the coins may turn out to be fake.

“The hype around them generates a powerful fear of missing out from some consumers who may have little understanding of their risks,”

Randall recounted the stories of numerous investors who have lost their money to crypto bubbles that offer high returns in a short time.

He also warned investors that cryptocurrencies are not regulated and anyone who losses their money will not have access to the FCA’s Financial Services Compensation Scheme.

Read also: Man Loses N360 Million in Shocking Bitcoin Fraud

US reality tv star, Kim Kardashian was used as an example after she got slammed earlier this year for promoting a crypto token called Ethereum Max on Instagram.

Although the post was labelled an advertisement, Kim failed to specify that the token had unknown developers.

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