Ireland issues a warning about ‘misleading’ crypto promotions and associated risks
The Central Bank of Ireland has warned the customers about the risks associated with crypto investments along with the “misleading” marketing, especially those pushed by celebrities and social media influencers.
Central Bank of Ireland issues a warning
On Tuesday, the Central Bank of Ireland issued a notice saying that cryptocurrencies are “highly risky and speculative” for retail investors and warning investors to be informed of “the risks of misleading advertisements, particularly on social media, where influencers are being paid to advertise crypto assets.”The notice also notes that the warning was a part of the European Supervisory Authorities’ campaign which consists of the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority.
The Director General Financial Conduct of the country, Derville Rowland commented on the subject by saying:
“In Ireland and across the EU we are seeing increasing levels of advertising and aggressive promotion of crypto asset investments [and] while people may be attracted to these investments by the high returns advertised, the reality is that they carry significant risk.”He went on to warn that the crypto investments are irreversible and unregulated which means if something goes wrong, the investors would not have any protection that they would have if they invested in a regulated product.
Notably, in January, the National Securities Market Commission (CNMV) of Spain was authorized to regulate crypto advertising in the European Union.
Crypto marketing scrutiny
Ireland has joined the list of countries that actively warns and informs its citizens about the risks of investing in crypto. With celebrities and influencers running to grab money in return for promoting several projects, many countries have published new sets of guidelines when it comes to crypto marketing, with some going too far to even ban advertising. A major incident is Kim Kardashian’s Instagram story about the ERC-20 token EthereumMax (EMAX) in June last year, which resulted in a price spike followed by a fall of more than 99%.The United Kingdom is also known for its tough stance towards crypto and its promotion, as we saw its attitude with Floki Inu after its promotion show on the roads and buses.
Following a crypto marketing ban by Singapore in January, India published an updated set of crypto advertising guidelines. Interestingly, Binance CEO Changpeng Zhao believes that these kinds of promotion bans would not affect the massive demand market is witnessing.
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