Summary
The British financial watchdog warns financial influencers to share clear and fair advice online, including about crypto memes. Violators could face imprisonment or fines. Disclosing financial interests in promoted assets is required. The FCA advises influencers on promoting financial products. Celebrities promoting crypto have faced issues with U.S. regulators.
Key Points
1. The British Financial Conduct Authority (FCA) has issued a warning for financial influencers who may be sharing misleading advice online, including tips related to popular crypto memes.
2. Financial influencers, or “finfluencers,” could face up to two years in prison, an unlimited fine, or both if they are found to be promoting financial products illegally.
3. The FCA emphasizes the importance of disclosing any financial interests in the assets being promoted, and warns that even financial promotions shared on platforms like Reddit and Telegram will be subject to regulations.