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Central Bank of Ireland Warns Against Crypto Ads

 


The Central Bank of Ireland warns consumers about the risks associated with crypto investing, as well as "misleading" advertising, which is also being circulated by influencers on social media.


In a statement on Tuesday , the Central Bank of Ireland said the warning was part of a campaign by the European Supervisory Authorities, made up of the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority. The Central Bank of Ireland has said cryptocurrencies are "highly risky and speculative" for retail investors. She warned of "the risks associated with misleading advertising, particularly on social media where influencers are paid to promote cryptoassets."


“In Ireland and across the EU, we are seeing increasing advertising and aggressive promotion of crypto investments,” said Derville Rowland, the central bank’s director general for financial conduct. "Before you buy crypto assets, you need to consider whether you can afford to lose all the money you have invested. People should also be aware that if something goes wrong, they don't have the protections of a regulated product enjoy."



With the warning, the central bank is following the lead of other global regulators and lawmakers who are also warning and taking action against influencers promoting cryptocurrencies. In January, the Spanish government announced it would regulate advertising for crypto investments and services . This regulation includes in particular "products or services promoted by influencers". The UK Advertising Authority has also repeatedly admonished crypto firms or claimed breaches related to the promotion of digital assets.


In the United States, celebrities and influencers have promoted many of the alleged Initial Coin Offering scams of 2018. A story was published via Kim Kardashian's Instagram account in June 2021 promoting the ERC-20 token EthereumMax (EMAX). The price has skyrocketed and shortly thereafter collapsed by over 99 percent, causing many small investors to lose a lot of money. US actor Ben McKenzie has used his platform to criticize this type of celebrity endorsement .



Despite repeated warnings about crypto investments and advertising, a few companies have settled in Ireland. Crypto exchange Gemini received an e-money license after opening its Dublin office in early 2021 . Binance established three offices in Ireland in September 2021. Crypto companies Ripple and Kraken have chosen the country as the base for their European offices.

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