The Central Bank of Ireland warns against crypto ads

The Central Bank of Ireland warns against crypto ads

The Central Bank of Ireland warns consumers about the dangers of crypto investment and “misleading” advertisements, which are being circulated by influential people on social media.

Said in a statement on Tuesday Explained The Central Bank of Ireland said the warning was part of a campaign by European supervisory authorities, including the European Securities and Exchange Authority, the European Banking Authority and the European Insurance and Occupational Pension Authority. The Central Bank of Ireland says cryptocurrencies are “very risky and speculative” for retail investors. They warned of the dangers associated with misleading advertising, especially on social media, where influential people are paid to promote cryptocurrencies. “

“We see growing advertising and aggressive promotion of crypto deposits in Ireland and across the European Union,” said Derville Roland, director general of the Central Bank’s Code of Economic Conduct. “Before you buy crypto assets, you need to consider whether you can lose all the money you have invested. If something goes wrong, people should know that they do not have the protection to enjoy a restricted product.”

Along with the warning, the central bank is following in the footsteps of other global regulators and lawmakers who warn and take action against influencers promoting cryptocurrencies. In January, the Spanish government announced plans to regulate advertising for crypto deposits and services. This regulation specifically includes “products or services promoted by influencers”. The British Advertising Authority has also repeatedly identified crypto companies Advised Or allege violations related to the promotion of digital assets.

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In the United States, there are many celebrities and influencers Alleged initial coin offering scams Advertised from 2018. Accessed June 2021 via Kim Kardashian’s Instagram account The story was published, ERC-20 token promoted by EthereumMax (EMAX). Prices soared, and soon fell more than 99 percent, causing many small investors to lose a lot of money. US actor Ben McKenzie uses his platform and this kind of celebrity recognition Criticized.

In this context: More and more sponsors: Celebrities and Crypto every year

Despite repeated warnings about crypto investments and advertising, some companies have settled in Ireland. Crypto Exchange Gemini received an e-money license after opening its Dublin office in early 2021. In September 2021, Binance established three offices in Ireland. The crypto companies Ripple and Kraken chose the country as the basis for their European offices.

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