Richard Branson, the founder of the Virgin Group, is looking to stop the use of his name in fraudulent crypto schemes, the British billionaire disclosed in an interview.
According to Branson, malicious actors have been using his name to lure unwitting investors into injecting funds into crypto scams. These schemes often target unwealthy people who cannot afford to lose money. To this end, Branson said he is working relentlessly to prevent bad actors from using his name to lure victims.
Thus far, his efforts have seen him talk to Meta’s COO, Sheryl Sandberg about false promotions on Facebook. Additionally, Branson has directed his lawyers to take up the matter with other social media platforms that have hosted false advertisements.
Apart from confronting social platforms, Branson also teamed up with other entrepreneurs in the U.K. to push for legislation that curbs false advertising. Specifically, the moguls are urging the British government to include paid-for scams in the Online Safety Bill. This provision would hold tech companies responsible for user-generated scams.
Among the people Branson is working with is Martin Lewis, an English journalist and the founder of MoneySavingExpert.com. Bad actors have used Lewis’ name and image on multiple occasions to promote fraudulent schemes on Facebook.
Notably, Facebook appears to play a significant role in propagating fake ads. Apart from the U.K., the…
