Bitcoin price Today – TikTok users have been warned by regulators about taking risky stock tips from influencers
- The UK financial
regulatorhas warned TikTokusers about taking stock tips from the app.
- The Financial Conduct Authority warned about “promising high-return investments,” per BBC News.
- One user posted videos with names like: “Only future millionaires can see this video!!”
TikTok users were being warned about risky investment advice on the social app, BBC News reported.
The UK’s Financial Conduct Authority told investors should be wary of any advice promising high-return investments, the report said.
“There are risks with taking unregulated investment advice and we engage with social media platforms to have pages which breach our regulations taken down,” an
Social media has been flooded with investment advice in the last few weeks, as
In the US, the Securities and Exchange Commission and other federal financial regulators have reportedly been discussing the trading frenzy. Lawmakers from both parties have called for investigations into volatile trading. The SEC said last week that it was “closely monitoring and evaluating” the situation.
On TikTok, users were also posting about GameStop, AMC, and other Reddit-fueled stocks. The #investing hashtag on TikTok had about 1.6 billion views, and GameStop was searched about 600 million times in a single day on the app, according to MarketWatch.
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