Charles Randell said Kardashian asked the 250 million followers to speculate on crypto assets, promoting an ad for Ethereum Max.
He called that currency right “A speculative digital asset, created a month before, by unknown developers”.
And he accused the influencers of feeding “The illusion of rapid enrichment”.
Randell spoke at a symposium on economic crime.
The FCA president said that the Instagram post of the star, which he mentioned was correctly marked as an advertisement, could have been “Financial promotion with the largest public coverage in history”.
Ethereum Max should not, he pointed out, be confused with the Ethereum cryptocurrency.
“I can’t say if this Ethereum Max is a scam”, he said.
“But social media influencers are often paid by crooks to help them impose new assets on speculative grounds. Some influencers promote currencies that simply do not exist “, he said.
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