US authorities are investigating the legality of FTX.US advertising by celebrities

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The Texas Securities Board is investigating the legality of media advertising for the US division of FTX. This became part of the investigation into the collapse of the cryptocurrency exchange.

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National Football League (NFL) quarterback Tom Brady, National Basketball Association (NBA) point guard Stephen Curry, and several other celebrities who advertised FTX.US were on the regulator’s radar.

Joe Rotunda, director of regulatory compliance at the Texas Securities Board, said the regulator is now examining the extent to which media personalities have communicated to users about the risks of using FTX.US products and services.

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Rotunda noted that while the regulator is “taking a close look at them,” examining the legality of advertising for the celebrity exchange’s US arm is not an “immediate priority” but just part of a “larger investigation into the FTX collapse.”

It is worth noting that Bradley and Curry were already featured in a November 15 class action lawsuit against FTX. The lawsuit alleges that the footballer and basketball player “controlled, promoted, assisted and actively participated” in FTX Trading LTD and West Realm Shires Services Inc.

Other participants in the class action lawsuit include model Gisele Bundchen, Golden State Warriors basketball team, NBA player Udonis Haslem, and Seinfeld co-writer Larry David.

Earlier, American model Kim Kardashian (Kim Kardashian) and boxer Floyd Mayweather Jr. (Floyd Mayweather) achieved a preliminary court decision to dismiss the claim of Ethereum Max investors accusing the stars of cryptocurrency fraud.

Source: Bits

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