A number of crypto companies are going through a probe from the US Federal Commerce Fee (FTC) over potential misleading or deceptive ads regarding cryptocurrencies.

In response to a Dec. 6 report from Bloomberg, FTC spokeswoman Juliana Gruenwald mentioned the watchdog is investigating “a number of companies for potential misconduct regarding digital property.”

Gruenwald didn’t present additional particulars about which companies have been the topic of the investigation or what had triggered the probe.

Nevertheless, misleading promoting and promotion have been a trending matter within the U.S. this 12 months.

In October, actuality TV star Kim Kardashian was fined by the US Securities and Change Fee (SEC) for “touting on social media” concerning the EthereumMax (EMAX) crypto token with out disclosing she was paid $250,000 to put it up for sale.

In November, NFL quarterback Tom Brady and NBA level guard Stephen Curry have been reportedly amongst a bunch of celebrities going through a probe from the Texas monetary regulator over their promotion of the now-bankrupt crypto trade, FTX.

The FTC is an unbiased company of the US which was created to guard the general public from misleading or unfair enterprise practices by way of legislation enforcement, analysis, and training.

Earlier this 12 months, they despatched out an alert a few crypto rip-off with three key parts, an impersonator, a QR code and a crypto ATM the place the victims will probably be directed to ship cash.

Additionally they revealed in a Jun.6 report practically half of all crypto-related scams originated from social media platforms in 2021, and as a lot as $1 billion in crypto has been misplaced to scammers all year long.

Cointelegraph reached out to the FTC for remark however didn’t obtain a reply by the point of publication.

Saying ‘not monetary recommendation’ gained’t hold you out of jail — Crypto attorneys

Globally, a number of monetary watchdogs and enforcement companies have additionally been actively attempting to curb misleading crypto ads.

In March, the U.Ok.-based Promoting Requirements Authority (ASA) issued an enforcement discover to over 50 firms promoting crypto, instructing them to evaluate their adverts to make sure they adjust to the principles.

In August, the U.S.-based shopper watchdog group Fact in Advertisingcalled out 19 celebrities for allegedly selling nonfungible tokens (NFTs) with out disclosing their connection to the tasks.

Australia’s monetary regulator has additionally fired warning pictures throughout the crypto business about misleading promoting ways.

In October, the Australian Securities and Investments Fee (ASIC)launched civil proceedings in opposition to Australian agency BPS Monetary Pty Ltd (BPS) over alleged “deceptive” representations regarding its Qoin token.