Kim Kardashian is under attack from Britain for advertising a cryptocurrency

Britain’s Financial Supervisory Authority has criticized reality TV star Kim Kardashian.

In an official statement, the authority criticized Kardashian’s promotion of a currency called “Ethereum Max”, during an announcement she shared last June with her more than 200 million followers on Instagram.
The head of the Financial Conduct Authority in Britain, Charles Randall, confirmed that “Ethereum X” has nothing to do with “Ethereum”, which is the second most popular cryptocurrency in the world after “Bitcoin”.

Randall noted that “when Kim Kardashian was recently paid to ask her 250 million Instagram followers to speculate on cryptocurrency by joining the Ethereum Max community, it was probably the financial promotion with the largest audience reach in history.”

Randall added that Kardashian had to reveal to her followers that the cryptocurrency is just a speculative digital code that was created a month ago by unknown developers, and that it should not be confused with Ethereum.

He continued, pointing out that the post was marked as an advertisement that does not comply with the rules of the “Instagram” site.

Randall confirmed that he does not know if Ethereum Max is a scam.

warned that

“Influencers on social media are routinely paid by scammers to help them pump and throw new symbols against a backdrop of pure speculation.”

And Kim Kardashian said in her announcement of “Ethereum Max” on “Instagram”: “Are you guys going to join cryptocurrency, this is not financial advice but I am sharing with you what my friends told me about the “Ethereum Max” token.

The Financial Conduct Authority in Britain has repeatedly warned of the risks of cryptocurrencies, arguing that investors could lose all their money, because the assets are not backed by the British government’s Financial Services Compensation Scheme.