The country’s advertising regulator has ordered that Instagram influencers must explain the risks of crypto investments.
Local regulators stated Wednesday that two former contestants on the U.K. reality TV series “Love Island” were told by local authorities to stop posting pro-crypto messages to their Instagram followers.
Crypto ad regulations affect ‘celebrities’
Eve Gale and Jessica should have warned people about possible losses from crypto investments made in earlier posts this year, according to the Advertising Standards Authority.
The ASA appears to have taken no action to stop crypto promotions by social media influencers. However, they must still follow all marketing norms.
We concluded that the advertisements were misleading” because they did not contain any risk warnings making consumers aware that crypto assets can go down as well, or that there was no regulation in the U.K.
The twins were featured on the dating show in 2020, where a group singles live in luxury villas in Spain.
The U.K. Financial Conduct Authority is currently waiting for new legislation to allow it to treat crypto ads as other financial promotions. This would include warning buyers and caps on holdings.
Until then, the ASA stated that tackling misleading crypto promotion is a ” Red Alert” priority.
The ASA had previously placed ads warning people about influencers who fail to flag posts that are paid-for promotions. This included the Gale twins.
Representatives from the Gales didn’t immediately respond to a request to comment.
