Link copied 
Social media influencers who provide crypto investment advice might be facing investigations by Portuguese authorities. The country’s law enforcers are reportedly contemplating launching investigations after thousands of Portuguese signed an online petition backing the action.
The Policía Judiciária, the country’s judicial police, is already analyzing the YouTube content of these crypto social media influencers to determine if there are illegal activities, according to local news outlet Expresso. Authorities are reportedly targeting influencers who might have indirectly promoted crypto scams by giving fake giveaways.
However, it is not a crime to promote cryptos in countries where cryptocurrencies are not banned, Finance Magnates pointed out. This could be the reason why authorities have launched no formal investigations yet.
“I am not sure what kind of illegality is there. We are trying to understand the case better. But, I remember that buying bitcoins is not considered a crime in itself,” an anonymous source told Expresso. The source also confirmed that police have not yet launched a formal investigation at the moment.
The report added that authorities have already looked into a YouTuber who confessed to committing wrongdoings, according to Bitcoin.com. The influencer, who took money from followers after making false promises, has already promised to return the funds to the victims.
The online petition alleged that there are quick-rich schemes that involved cryptos, stocks investments, and sports betting. More than 14,700 have already signed up for the petition which is published in Petiçao Publica.
“More and more common in our country, these types of schemes have some aspects in common that are easily identified, such as highly attractive with the promise of getting rich quickly and usually practiced by influencers, who are using their influence and/or exhibiting luxuries,” the petition reads. “Moreover, the clear later sale of courses and/or use of the affiliate system and through this system promoting brokers with enormous leverage that allows the dishonest enrichment of these scammers at the expense of huge losses on the part of the scammed people.”
The author asked Portuguese authorities for assistance and to look into these “new and modern scammers” seriously. The petition also pointed out that these scams appear to be targeting younger people.
