Influencers and Cryptocurrencies: Between Advertising and Fraud
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listIn this article
lightbulbKey Takeaways
- check_circlePromoted crypto scams
- check_circleNecessary cooperator
- check_circleJoint civil liability
- check_circleFinancial advertising regulation
The promotion of complex financial products and crypto-assets by influencers has put the CNMV and the Prosecutor's Office on alert. Promoting a 'rug pull' or a pyramid scheme is no longer free of charge. If the influencer receives compensation and does not verify the lawfulness of the business, they can be considered a necessary cooperator or a participant for lucrative purposes in an aggravated fraud crime.
The Duty of Diligence and the Guarantor Position
It is not enough to say 'I just read the script'. Jurisprudence is beginning to demand a reinforced duty of diligence from those who have the capacity to influence the assets of thousands of followers, especially when targeting a young and vulnerable audience.
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