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The FTC Is Investigating Crypto Firms For Misleading Advertising

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The FTC is investigating crypto firms for misleading advertising. According to Bloomberg News, the US Federal Trade Commission (FTC) is investigating several anonymous crypto companies for allegedly misleading or deceptive advertising.

A government official said they were investigating “potential misconduct involving digital assets”, but did not disclose further details. FTC spokeswoman Juliana Gruenwald Henderson said in a statement:

“We are investigating several companies for possible wrongdoing regarding digital assets.”

However, Henderson did not specify which companies were being investigated or what prompted the FTC to launch its investigation.

The organization also supports advertising truth laws, such as disclosure requirements for those who have been paid to endorse or review. The FTC states on its website that “When consumers see or hear advertising, whether on the Internet, on radio or television, or elsewhere, federal law requires that the advertisement must be true, not misleading and, where appropriate, supported by scientific evidence.”. testimony.”

The FTC and SEC are cracking down on Crypto promoters

After the exchange of FTX collapsed, regulators wanted greater scrutiny of cryptocurrency transactions. The Texas financial regulator is investigating Brady and NBA star Stephen Curry following the failure of Sam Bankman’s FTX cryptocurrency exchange, among other high-profile figures who may be the subject of the case. Both were accused of breaking the law by promoting and advertising a non-existent bitcoin exchange.

The Securities and Exchange Commission (SEC) accused Kim Kardashian in October of illegally promoting a cryptocurrency security, allegedly failing to disclose that he was given money to protect cryptocurrency tokens. ‘EthereumMax. He said he would cooperate with the SEC investigation and pay $1.3 million in fines.

The UK’s media regulator published updated guidelines for advertising in March this year. With this development, the media had to trade by adding the fact that crypto is not regulated in the UK and that “the value of the investment is variable and can fall”.

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