Just promoting crypto can get you big fines!
If you, as an influencer or media, promote a certain cryptocurrency, there is also a certain responsibility. You will not be exempt if it turns out to be a scam.
People look up to other people. Be it celebrities or successful people in business. In a small circle in your own environment, or whatever. We all do. Consciously or unconsciously. With the advent of social media and influencers, there is a new form of responsibility. What one says cannot simply be without consequences.
Cryptocurrency and the Influencer
In the past, it has happened more often that well-known influencers or other celebrities promote a certain cryptocurrency that later turned out to be a scam. The person in question was not concerned with that. He or she received a fee for saying so. But whether you can easily get away with what you say in 2022 remains to be seen.
A publication by The Verge states that saying something about cryptocurrency can have consequences. For example, a new crypto coin that later turns out to be a scam and that you promoted via a post on social media. Victims can then come to you via the court to get a redress. The result could be hefty fines or even jail time. Ultimately, it is quite normal for something like this to have consequences. As a celebrity, influencer or someone in a high position, you can’t say everything that has influence. For example, Elon Musk is not allowed to share anything on Twitter if it can influence the price of a financial instrument (whether that is Tesla or Bitcoin). In short, action and reaction.
