The Australian Securities and Investments Commission (ASIC) has sounded an alarm about the growing trend of Gen Z individuals seeking cryptocurrency advice on social media or through AI-powered platforms.
According to ASIC, these online sources often provide unregulated and unsolicited investment advice, which can lead to significant financial losses for inexperienced investors. The warning aims to educate young people about the potential risks associated with unverified online advice.
Regulators worldwide have expressed concerns about the lack of oversight in social media-driven investing, where anyone can offer investment advice without proper qualifications or expertise. ASIC advises Gen Z individuals to prioritize their financial security and seek guidance from reputable financial institutions instead of relying on online sources.