1 year ago
The Federal Trade Commission is investigating respective unnamed crypto firms implicit imaginable misconduct successful the advertisement of integer assets.
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Collect this nonfiction arsenic NFTSeveral crypto firms are facing a probe from the United States Federal Trade Commission (FTC) implicit imaginable deceptive oregon misleading advertisements relating to cryptocurrencies.
According to a Dec. 6 report from Bloomberg, FTC spokeswoman Juliana Gruenwald said the watchdog is investigating “several firms for imaginable misconduct concerning integer assets.”
Gruenwald did not supply further details astir which firms were the taxable of the probe oregon what had triggered the probe.
However, deceptive advertizing and promotion person been a trending taxable successful the U.S. this year.
In October, world TV prima Kim Kardashian was fined by the United States Securities and Exchange Commission (SEC) for “touting connected societal media” astir the EthereumMax (EMAX) crypto token without disclosing she was paid $250,000 to beforehand it.
In November, NFL backmost Tom Brady and NBA constituent defender Stephen Curry were reportedly among a radical of celebrities facing a probe from the Texas fiscal regulator over their promotion of the now-bankrupt crypto exchange, FTX.
The FTC is an autarkic bureau of the United States which was created to support the nationalist from deceptive oregon unfair concern practices done instrumentality enforcement, research, and education.
Earlier this year, they sent retired an alert astir a crypto scam with 3 cardinal components, an impersonator, a QR codification and a crypto ATM wherever the victims volition beryllium directed to nonstop money.
They besides revealed successful a Jun.6 study astir half of each crypto-related scams originated from societal media platforms successful 2021, and arsenic overmuch arsenic $1 cardinal successful crypto has been mislaid to scammers passim the year.
Cointelegraph reached retired to the FTC for remark but did not person a reply by the clip of publication.
Related: Saying ‘not fiscal advice’ won’t support you retired of jailhouse — Crypto lawyers
Globally, respective fiscal watchdogs and enforcement agencies person besides been actively trying to curb deceptive crypto advertisements.
In March, the U.K.-based Advertising Standards Authority (ASA) issued an enforcement announcement to implicit 50 companies advertizing crypto, instructing them to reappraisal their ads to guarantee they comply with the rules.
In August, the U.S.-based user watchdog radical Truth successful Advertising called retired 19 celebrities for allegedly promoting nonfungible tokens (NFTs) without disclosing their transportation to the projects.
Australia’s fiscal regulator has besides fired informing shots crossed the crypto manufacture astir deceptive advertizing tactics.
In October, the Australian Securities and Investments Commission (ASIC) launched civilian proceedings against Australian steadfast BPS Financial Pty Ltd (BPS) implicit alleged “misleading” representations concerning its Qoin token.
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