The British Billionaire who founded the Virgin Group Richard Branson said that he will do anything in his capacity to prevent crypto scams that use his name as a bait to entice inexperienced investors.
As per reports, he said his initials have also been used to dupe traders since he has publicly displayed his support for bitcoin and also admitted of being a ‘HODLer’ himself.
The billionaire has consistently been an easy target for cryptocurrency defrauders for a long time now. Several fake articles have misquoted that Branson ‘promotes investments’ in suspicious platforms, asking investors to invest their money, too.
In a recent interview, the biz magnate pledged to use all his capacity to stop fraudulent schemes and scams being conducted using his name. As per him, these scams are a disastrous crime as the majority of victims are unqualified investors whose huge losses can have disastrous consequences.
He stated, “It’s a terrible thing because it affects a small person who can ill afford it. We are doing enormous amounts to try to stop it.”
Branson disclosed that has already taken a few steps in this direction. He has raised the issue with Meta’s Chief Operating Officer – Sheryl Sandberg. He has also appointed lawyers to track other social media platforms using his name to host false crypto ads and get a legal solution for this issue.
Branson is also partnering with other entrepreneurs in the U.K. to push regulations that can combat false advertising. Several biz magnates are askling the British government to include ‘paid-for scams’ in its Online Safety Bill. With this step, tech companies will be held accountable for user-generated scams.
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