By
Chimamanda U. Martha
April 25th, 2024
The flagship exchange wants to move its campaign to the martial arts space, targeting Valentina Shevchenko as their next celebrity and crypto proponent.
The Binance platform has come out to warn users against following the advice of celebrities when they make cryptocurrency investments. Instead, the trading platform encourages them to conduct their research and trust their instincts before putting their money on the line. Using the #CryptoCelebAlert hashtag, Binance is collaborating with celebrities from different industries to encourage fans to do their research rather than relying on celebrities for crypto advice.
Warning to Users from Binance
Realizing that the Super Bowl event is a promising avenue to reach a wider audience, Binance is partnering with a number of sports stars and celebrities to warn the general public to trust their intuition when making investments decision.
In the campaign tagged “trust yourself,” Binance emphasized their warning by releasing a video of Jimmy Butler. He was telling fans that neither himself nor any celebrity could give any of them advice about their money.
The Miami Heat forward insisted that while many people will tell the fans to venture into cryptocurrency, the decision should entirely be based on their research and not those of the celebrities.
The ads are supported by incentives calling out spectators to share the alert widely and stand a chance to collect one out of 2,222 POAP NFTs where Jimmy Butler is featured.
Other celebrities who have joined the “trust yourself” campaign include J Balvin, a renowned reggaeton artist who released a video on February 8 to warn fans against asking him for crypto advice as he was also new to the field.
There are rumors that Nigeria’s leading artist Tiwa Savage is also one of the artists signed to push the campaign.
The flagship exchange wants to move its campaign to the martial arts space, targeting Valentina Shevchenko as their next celebrity and crypto proponent.
Celebrity Investment Advice Gone Wrong
In recent times, some crypto assets have employed the services of known celebrities to help push their publicity. While some of these projects are legitimate, others try to take leverage on the celebrity status to help them pull unsuspecting individuals to their nefarious games.
An example is the Ethereum max project which used celebrities like Kim Kardashian and Floyd Mayweather to promote it.
Due to its rapid fall in value, CNBC reported a class-action lawsuit filed against Kim Kardashian and Floyd Mayweather. They faced charges on allegations of crypto scam during mid-January.
Per the reports, investors sued the two celebrities for artificially inflating the price of Ethereum Max cryptocurrency, accusing them of making false and misleading statements about the digital asset. This provides a case scenario for why celebrity-infused crypto-advice should not be taken to heart.