Virgin Group Founder targets Crypto Fraudsters using his name

Key Takeaways

  • Virgin Group Founder recommends Bitcoin purchases via legitimate legal avenues as long as individuals are not overexposed.
  • The Business tycoon is trying to persuade the UK government to include paid-for fraudulent ads in the new Online Safety Bill.
  • The Virgin Group Founder also directed lawyers to confront major social media players whose platforms have hosted fake advertising.

British Billionaire and Founder of Virgin Group is, Sir Richard Branson is frustrated with cryptocurrency fraudsters who are defrauding investors using his name. “It’s a terrible thing because it affects a small person who can afford it. We are doing enormous amounts to try to stop it.” said the tycoon during an interview in Austin, Texas.

He further added that he had spoken with Meta Platform’s outgoing chief operating officer(COO) Sheryl Sandberg about erroneous promotions appearing on the social media platform Facebook. The Virgin Group Founder who seemed determined to put an end to people using his name for fraudulent means, have also directed lawyers to confront major social media players whose platforms have hosted fake advertising.

Sir Richard Branson is also a strong proponent a new online safety bill that would hold companies accountable for user-generated scams, but not the ads themselves. He, along with his other business tycoon Martin Lewis is trying to persuade the government to include paid-for fraudulent ads in the new Online Safety Bill, which will make tech companies and social media giants accountable for user-generated cons.

The chances of Mr. Branson’s name being used for crypto frauds are relatively high since he has backed Bitcoin(BTC) as a sensible investment. A 2021 report made by UK’s National Cyber Security Centre listed the Virgin Group Founder as among celebrities whose names are most often used by cryptocurrency fraudsters.

Despite the recent crashes in crypto markets and increase in crypto frauds, Mr Branson continues to be a staunch believer in the potential of Bitcoin. He firmly believe in the merits of holding a small percentage of bitcoins in one’s portfolio and also confidently recommends Bitcoin purchases via legitimate legal avenues as long as individuals are not overexposed.

Being a strong believer that crypto could change lives for the better, the business tycoon states that for e.g., Ukrainians fleeing the Russian invasion or people escaping Afghanistan after the Taliban regained control “would be very glad that they didn’t have all their money tied up in a local currency.”

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Saniya Raahath

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