Kardashian’s Instagram crypto plug irks UK finance watchdog

While Kardashian disclosed that it was ‘a #AD’, Randell said that she ‘didn’t have to disclose’ that she was promoting ‘a speculative digital token created a month before by unknown developers – one of hundreds of such tokens that fill the crypto-exchanges’. — AFP

Consumers risk being lured into the “cryptobubble with delusions of quick riches” by high-profile influencers such as Kim Kardashian, the UK’s financial regulator warned in a speech Monday.

Charles Randell, Chair of the Financial Conduct Authority, called for regulators to be given greater powers to protect consumers and said if people buy speculative crypto tokens “you should be prepared to lose all your money”. He pointed to Kardashian’s recent promotion of a speculative digital token.