The rules of social media are strict, especially when it comes to advertising. In fact, it is forbidden to advertise this or that product, of any kind, unless certain characteristics are set in the post. VIPs are not excluded from this rule, yet despite respecting the rules, a famous socialite found herself being “scolded” by Instagram. Let’s see why …
With 250 million followers on Instagram, Kardashian has used her popularity to advertise Ethereum Max, one of the many tokens that populate the world of cryptocurrencies. It matters little that her post was branded as “advertising”, so following the rules of Instagram: the social network “beaten” her.
Ethereum Max is a still unknown token, too much to be sure it’s okay
The criticism of Kim Kardashian starts with the president of the Financial Conduct Authority, Charles Randell. The Financial Conduct Authority is a UK financial regulatory body whose goal is to protect consumers, competition and financial markets. According to its president, the Kardashian has promoted Ethereum Max without saying that “it is a speculative digital token created a month ago by unknown developers, one of the hundreds of tokens that populate crypto exchanges“.
It should therefore not be confused with Ethereum, the alternative cryptocurrency a Bitcoin and officially recognized in the cryptocurrency landscape, on which speculations are not only authorized but also recognized as valid and profitable.
Randell then specified that it is not yet clear whether Ethereum Max is it a scam or if instead it is a reliable cryptocurrency, and along with this cause for concern, he also added that he is worried by the fact that influencers on social media “they are routinely paid by scammersFor pure speculation.
This is why the strong need arises, on the part of authorities such as the Financial Conduct Authority, to pay close attention to all online activities related to cryptocurrencies. And also the request to social media platforms such as Facebook, Twitter, TikTok and of course Instagram, to better monitor the situation.
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“Interest in cryptocurrencies generates Fomo (Fear of missing out) among consumers who are not aware of the risks», Randell adds, worried that unwary investors on Sunday could have some nasty surprises in the case of large cash outlays for possible cryptocurrency purchases.
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In addition to Kim Kardashian, other celebrities have also advertised about Ethereum Max on their social accounts. Among them the boxer Floyd Maywather and former basketball player Paul Pierce. In fact, according to a press release, Ethereum Max was listed as “Cryptocurrency Exclusive (sic) accepted for online ticket purchaseFor the recent Mayweather vs. Logan Paul.