{"id":37072,"date":"2023-02-05T09:37:00","date_gmt":"2023-02-05T09:37:00","guid":{"rendered":"https:\/\/lydian.io\/?p=37072"},"modified":"2023-02-05T09:37:00","modified_gmt":"2023-02-05T09:37:00","slug":"us-consumer-protection-agency-investigates-crypto-companies-for-misleading-advertising","status":"publish","type":"post","link":"https:\/\/lydian.io\/us-consumer-protection-agency-investigates-crypto-companies-for-misleading-advertising\/","title":{"rendered":"US Consumer Protection Agency investigates crypto companies for misleading advertising","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 12 Second <\/div>\n\n <\/div>

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A number of crypto corporations are going through an investigation by the USA Federal Commerce Fee (FTC) over doable fraudulent or deceptive promoting associated to cryptocurrencies.<\/p>\n

In keeping with a December 6 report report<\/a> Chatting with Bloomberg, FTC spokeswoman Juliana Gruenwald stated the regulator is investigating \"a number of companies for doable wrongdoing in relation to digital property.\" <\/p>\n

Gruenwald didn't present any additional details about which corporations had been the topic of the investigations or what had triggered the investigations.<\/p>\n

Nevertheless, deceptive promoting and promotions have been a trending subject within the US this 12 months. <\/p>\n

In October, actuality TV star Kim Kardashian was fined by the USA Securities and Change Fee (SEC) for selling crypto token EthereumMax (EMAX) on social media with out disclosing that her Paid $250,000 for promoting. <\/p>\n

In November, NFL quarterback Tom Brady and NBA level guard Stephen Curry had been reportedly amongst a gaggle of celebrities underneath investigation by the Texas Monetary Regulator for his or her sponsorship of now-bankrupt crypto trade FTX. <\/p>\n

The FTC is an impartial United States company established to guard the general public from fraudulent or unfair enterprise practices by way of regulation enforcement, analysis and schooling. <\/p>\n

Earlier this 12 months, they despatched out an alert a couple of crypto rip-off with three key elements, an impersonator, a QR code, and a crypto ATM that instructs victims to ship cash.<\/p>\n

In addition they revealed in a June 6 report that almost half of all crypto-related scams in 2021 got here from social media platforms, and as a lot as $1 billion in crypto was misplaced to scammers over the 12 months. <\/p>\n

Cointelegraph reached out to the FTC for remark however acquired no response on the time of publication.<\/p>\n

Associated: <\/strong>Saying \"No Monetary Recommendation\" Will not Preserve You From Jail - Crypto Legal professionals<\/strong><\/p>\n

A number of monetary regulators and regulation enforcement businesses all over the world have additionally been actively attempting to curb misleading crypto promoting.<\/p>\n

In March, the UK-based Promoting Requirements Authority (ASA) problematic<\/a> issued an enforcement discover to over 50 corporations selling crypto, instructing them to evaluation their advertisements to make sure they adjust to the foundations. <\/p>\n

In August, US-based client advocacy group Fact in Promoting took 19 celebrities to activity for allegedly selling non-fungible tokens (NFTs) with out disclosing their connection to the initiatives. <\/p>\n

Australia's monetary regulator has additionally issued warning pictures throughout the crypto business over misleading promotional techniques. <\/p>\n

In October, the Australian Securities and Investments Fee (ASIC) launched civil proceedings in opposition to Australian agency BPS Monetary Pty Ltd (BPS) over alleged \u201cdeceptive\u201d representations relating to its Qoin token.<\/p>\n

Source link <\/a><\/p>\n

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