Started by Bitcoin, Sep 08, 2022, 09:34 am
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Cryptocurrency can be an eye-candy and “love island” to some people. It feels and looks new, and most often than not, intriguing – if not provocative.
Crypto easily conjures up heavy ounces of tech that may sound Greek to some people. Still, it’s something they’ve got to try because it tickles their fancy and, why not?
We’ve heard lots of stories about crypto making millionaires out of nobodies.
There’s the hype about Bitcoin changing people’s lives for the better. More and more investors have been flocking to the crypto space to get a shot at fortune.
It’s what’s “in” today – you should invest in crypto and get loads of money, so they say.
Now, how do you sell crypto and make money from it? It depends on how your body and brain are wired to “sell” it.
For instance, these twins – former contestants from British reality TV show “Love Island” – use their allure (okay, make that barely-there bikini pics on Instagram) to entice their combined 1.7 million followers that they can make extra bucks from their smartphone.
The Love Island twins – Jessica and Eve Gale – unsurprisingly catch the eye of UK regulators as well who, of course, didn’t ask for any titillating photos but instead reprimand them to immediately stop what they’re doing, that is, mislead their social media fans with pro-crypto posts.
They weren’t scolded for wearing T-backs and leaving nothing to imagination. That would be against the ladies’ constitutional rights.
Seriously though, the British regulator’s beef with the Love Island ladies is this: The two social media influencers posted Instagram stories that promote a crypto investment scheme. It “trivialized” investment in cryptocurrency and that is a big no-no, the regulator said.
According to the Advertising Standards Authority (ASA), Jessica and Eve’s posts from earlier this year should have included a warning about the risk associated with crypto investment losses.
One of the stories, posted in June by Jessica, told her nearly 1 million followers that a friend had introduced her to the “world of crypto" and it had been basically a “super quick, easy way to make extra money from your phone.”
The ASA said this violates their standards as it was "misleading" and "irresponsible."
The ASA makes it clear:
“We considered the ads were aimed at a general audience that was unlikely to have specialized knowledge about investing in crypto assets… We concluded that the advertisements were deceptive because they lacked a risk warning informing consumers that the value of such assets could fluctuate or that crypto assets were unregulated in the United Kingdom.”
Following a warning, the British regulator may refer an advertiser who violates its regulations to the Trading Standards (TS), a local government agency in the United Kingdom that may pursue legal action or impose penalties, such as fines, on the violator.
Meantime, the Love Island reality TV stars Jessica and Eve should both be fine flaunting those provocative posts, er, curves, and not dip their toes on crypto waters lest they earn the ire of them unbending Bri Ish watchdogs.
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