A British financial regulator concerned about the lack of rules for online promotion of cryptocurrencies has called out celebrity influencer Kim Kardashian West's use of her Instagram account to pitch Ethereum Max to her followers.
Randell said he didn't know whether Ethereum Max was a scam."But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation," Randell said."Some influencers promote coins that turn out simply not to exist at all.
Randell said the Financial Conduct Authority had repeatedly warned about the risks of holding speculative tokens, which unlike mainstream investments aren't covered against loss by UK government compensation programmes.
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