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The UK’s financial watchdog, the FCA, has issued a warning to influencers and companies promoting cryptocurrencies. They’re saying that crypto memes used in ads must not mislead people.

Influencer Responsibilities

If a company uses an influencer to promote crypto, the influencer must follow the same rules as the company. This means they can’t say anything false or misleading about the product.

Company Responsibilities

Companies are responsible for ensuring that any influencers they work with promote their products in a fair and accurate way. They also need to check with the FCA to make sure the ads are allowed.

Criminal Consequences

Influencers who promote financial products without approval from an FCA-authorized person could face criminal charges.

FCA’s Crackdown on Misleading Ads

The FCA has removed over 10,000 misleading financial advertisements in 2023 alone. This shows that they’re taking this issue seriously and will not hesitate to take action against those who break the rules.