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European Finance Watchdogs Warn on Celebrities Pitching Crypto – Bloomberg Law

March 17, 2022, 2:37 PM

Anyone buying, selling and trading cryptocurrencies should beware, Europe’s top financial watchdogs warned, labeling digital assets as “highly risky and speculative” in a statement published on Thursday.

The European Supervisory Authorities — a group that includes regulators of the banking, securities and markets, and insurance and occupational pensions sectors within the bloc — said cryptoassets are “not suited for most retail consumers,” either as an investment or as a means of payment or exchange. It added that the “aggressive” rise of cryptoasset promotions on social media and via influencers presents an increased risk of misleading advertising, particularly those which promise …

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