Kim Kardashian crypto instagram post attracts concern from UK watchdog

TL;DR Breakdown • FCA chairman says these cryptocurrency promotions can drive scams.• Kim did nothing illegal because she admits in the post that it is a paid advertisement. Kim Kardashian never stops being a trend, even in the cryptocurrency market. Recently the head of the financial control agency in the United Kingdom spoke about an announcement made by the American diva and businesswoman. Kim had published an image on the social network showing her support for the Ethereum Max. The FCA chairman, Charles Randell, said that the cryptocurrency developers paid Kardashian to promote the Ethereum Max. With over 250 million followers, Kim Kardashian successfully promoted crypto. Artists promoting cryptocurrencies The regulator believes this cryptocurrency promotion was one of the largest ever seen in the UK and other countries. Randell believes these marketing campaigns towards cryptocurrencies are getting out of control, leading to irreversible problems. Regarding Ethereum Max, Randell clarifies that the crypto was developed a month before the promotion and had only speculative purposes in its value. However, Randell adds that he does not have enough evidence to charge the token as a scam. But he dares to say that developers often pay social media influencers like Kim Kardashian to promote cryptos. These internet stars accept the contract, unaware that crypto may be clinging to a Ponzi scheme. Randell finishes talking about cr...