The regulator’s spokesman said that they were looking into “potential misbehavior regarding digital assets,” but gave no other information. The customer protection agency upholds regulations requiring truth in advertising, such as those requiring people to disclose when they have received compensation for recommendations or evaluations.
Following the failure of the FTX exchange, regulators have called for more examination of cryptocurrency businesses, because clients claim they were deceived by celebrity endorsements and were unaware that their accounts were “unregistered securities” as a result of depositing money into yield-bearing accounts with FTX businesses.
More than 50 businesses received warning letters from UK regulators in March about deceptive cryptocurrency promotions. However, a few months ago, the UK’s advertising authority discovered that Coinbase and Kraken, two well-known cryptocurrency exchanges, were using deceptive advertising.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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