Kim Kardashian has been warned far away from across the borders by a financial regulator who claims that her involvement in promoting specific crypto may lead to investors’ harm which could in return expose the brand ambassador and globally renowned celebrity to legal consequences. The cross-border authority is the UK’s Financial Conduct Authority (FCA) and the Chairman FCA thinks that with her huge fan following exceeding 250 million at Instagram could be instrumental as well as lethal for the public good and bad.
Kim Kardashian enjoys global fame which is not usually enjoyed by many and they have to do a lot to earn that title. However, in the case of Kim Kardashian, she did not have to do much, and instead, the fame followed her wherever she went. She could even be more popular than her country’s President and nobody wouldn’t even dare to doubt that.
She is amongst those celebrities whose fan following is also exponential at social media networks. For instance, she has more than 250 million followers current at the platform of Instagram. The major reason for her fame at Instagram is that she continues to be in touch with her followers. She is also regarded amongst the most influential women of the world, particularly in the field of brand promotion. People often go to her and ask her to appear in TV commercials and promote their products. She is even asked to run a promotional campaign to kick-start a fresh product or an entirely new business setup.
At present, she has been promoting a crypto cause belonging to a community called, “Ethereum Max Community”. It is on record that Kardashian was paid a handsome amount of money to encourage her followers to join the community. However, her promotional campaign has been questioned by a regulator whose jurisdiction rests across the border i.e. FCA of the UK.
FCA said that Kardashian’s engagement with the promotion of cryptocurrencies could be harmful to investors. The authority was of the view that the promotional campaign could be for deceiving people as scams with regard to crypto are very usual. In such a situation, the party suffering the most of crypto fraud or scam would involve investors. There will be then legal consequences that may drag the global celebrity into it. So is would be fair advice, if she could keep her away from supporting any such promotional campaigns.
However, the Chairman FCA also admitted the fact that Kardashian is a global celebrity. Hence, her popularity is of such nature which puts her into the list of most influential women of the world. However, her ability to influence people could become her worst enemy said FCA’s Chairman. He thinks that she could be “used” by some wrongdoers for their interests.