Financial Conduct Authority calls for more powers over cryptocurrency promotions

The City regulator has pushed for wider powers to crack down on cryptocurrency promotions and warned about tokens touted by celebrities on social media in a new attack on the fast-growing market for digital assets.

In a sign of the Financial Conduct Authority’s mounting concern about the risks posed by the crypto industry, Charles Randell, the regulator’s chairman, said yesterday that more needed to be done to protect consumers from speculative digital assets.

He also raised the alarm about risky crypto investments and scams being advertised online by influencers and singled out Kim Kardashian, the American television personality, who was recently paid to promote a little-known token to her 250 million followers on Instagram, the social media platform.

Randell said that “it may have been