BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

FPSB: “Crypto Influencers be Held Accountable for Offering Financial Advice”

by Dalmas Ngetich
Jun 2, 2022 - 12:00 am
in Blockchain
FPSB: "Crypto Influencers be Held Accountable for Offering Financial Advice

On the 31st of May, the Financial Planning Standards Board (FPSB) released a statement that revealed its stance on digital currencies and financial influencers. The board proposed the control of investments in digital currencies, specifically targeting crypto influencers. 

The FPSB has the responsibility of proposing rules in the financial ecosystem. At the moment, the recent proposition by the FPSB has been forwarded to the International Organization of Securities Commissions (IOSCO). 

The IOSCO strongly believes that the Covid pandemic which hit hard in 2020 has had a hand in the retail market issues we currently experience. During the pandemic, people were encouraged to invest in cryptocurrencies as an alternative source of income. Due to the high rate of inflation globally, many individuals have sought investments with an extremely high yield. This has done more harm than good to the economy as many investments with extremely high returns end up failing to deliver. 

Influencers and the Crypto Markets

Many influencers have shilled crypto tokens and promised high returns to their followers. Sadly, many newbies in the crypto ecosystem fall for this and end up getting “rekt.”

The FPSB, which isn’t fully in support of digital currencies, wants these influencers to be held responsible when things go South.

According to the board, influencers who promote these tokens via social media or any other means are actually giving financial advice. Amazingly, these influencers lack the right and certification to give financial advice. Many influencers are paid by the project’s lead to make loud shout-outs about the crypto project. 

In addition to holding influencers responsible for losses, the FPSB proposed a restriction on the credit cards used for the purchase of cryptocurrencies. While the intentions of the board may be positive, it also has a touch of negativity. Many crypto users enjoy the freedom associated with buying and selling cryptocurrencies. Heavy restrictions do not align with decentralization. In the end, the ultimate solution may be for individual inventors to diligently research a crypto project before investing. Individuals should also invest only what they can afford to lose.

Tags: BinanceCrypto
Dalmas Ngetich

Dalmas Ngetich

His primary focus is on technical analysis (crypto is, obviously, *not* crypto without the twirls of price action), the magic of DeFi, and NFTs. He is specifically training his eyes and effort on DeFi—and how the tech is changing investment, opening up opportunities for everyone—and the possibilities of NFTs.

Related Posts

Polymarket logo on digital background after US regulators end probes

US Justice Department and CFTC Close Polymarket Investigations

July 15, 2025

US regulators have reportedly ended their investigations into Polymarket, clearing a path for the betting platform’s upcoming $200M...

China’s financial authorities evaluate launching yuan-backed stablecoins through state-owned entities

China Considers Yuan-Pegged Stablecoins: State-Owned Firms Ordered to Study Feasibility

July 15, 2025

China instructs state-owned firms to explore yuan-pegged stablecoins, hinting at a softening stance as global stablecoin adoption rises.

Exterior of the Czech National Bank building representing its new investment strategy including crypto assets

Czech Central Bank Enters Crypto with Coinbase Stake, Expands Palantir Holdings

July 13, 2025

Czech National Bank adds Coinbase to US portfolio, signaling crypto interest, while expanding Palantir stake amid AI investment...

Changpeng Zhao, Binance co-founder, reacts to Bloomberg’s Trump stablecoin claims

Binance’s CZ Threatens to Sue Bloomberg Over Trump Stablecoin Report

July 12, 2025

CZ denies ties to Trump-backed stablecoin USD1, slams Bloomberg report as defamatory, and warns of legal action over...

Press Releases

png 115

BTC Miner: Earn $100-$100,000 Daily – The Fastest Growing Crypto Mining Platform of 2025!

June 25, 2025

BTC Miner, the fastest growing platform in 2025, opens a new era of inclusive cryptocurrency mining, allowing everyone to participate...

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise