YEREVAN (CoinChapter.com) — In recent years, several Bollywood celebrities have ventured into the cryptocurrency space, engaging in activities ranging from endorsements and investments to launching their own digital assets. While some have aimed to promote and legitimize crypto adoption in India, others have faced legal scrutiny over their involvement. This article explores the various ways in which Bollywood figures have interacted with the crypto industry.
Amitabh Bachchan: Championing Crypto Awareness
Amitabh Bachchan, one of India’s most respected actors, has been at the forefront of promoting cryptocurrency awareness. In 2021, he became the first brand ambassador for CoinDCX, an Indian crypto exchange. The collaboration aimed to educate the public about the potential of cryptocurrencies as an emerging asset class and to build trust among new users.
Beyond endorsements, Bachchan also ventured into the world of non-fungible tokens (NFTs). He launched a collection featuring his father’s poetry and personal memorabilia, which garnered significant attention and highlighted the intersection of art and blockchain technology.
Ranveer Singh: Advocating for Crypto Adoption
Ranveer Singh, known for his dynamic persona, partnered with CoinSwitch Kuber as its first brand ambassador. He featured in the ‘Kuch Toh Badlega’ campaign, which aimed to demystify cryptocurrency trading and encourage its adoption among the masses, particularly targeting younger demographics in tier 2 and tier 3 cities.
The campaign utilized Singh’s widespread appeal to convey the message that entering the crypto world could lead to change and empowerment. By leveraging his influence, the initiative sought to make cryptocurrency more accessible and relatable to the general public.
Singh’s involvement reflects a broader trend of celebrities using their platforms to promote financial literacy and innovation, aligning with the growing interest in digital assets across India.
Salman Khan: Launching Social Crypto Tokens
Salman Khan ventured into the crypto space by launching the $GARI token in collaboration with the Chingari app, positioning it as India’s first social crypto token. The initiative aimed to empower content creators by providing them with a means to monetize their work through blockchain technology.
However, the token experienced a significant value drop, plunging by more than 80%, which raised concerns among investors and highlighted the volatility inherent in the crypto market. The crash was attributed to broader market downturns and regulatory uncertainties.
Despite the setbacks, the launch of $GARI represented an innovative attempt to integrate cryptocurrency into the social media landscape.
Sonam Kapoor: Investing in Blockchain Gaming
Sonam Kapoor entered the blockchain space by investing in MechaFightClub, a blockchain-based fighting game developed by Irreverent Labs. The game features artificially intelligent non-player characters (NPCs) living on the blockchain as NFTs, offering a unique gaming experience that combines AI and blockchain technology.
Kapoor invested in a blockchain-based gaming platform, reflecting rising celebrity interest in metaverse and Web3 projects. Her involvement supports the growth of digital entertainment built on emerging technologies.
Anupam Kher: Educating on Cryptocurrency
Anupam Kher collaborated with WazirX to produce cryptocurrency explainer videos on his YouTube channel. The content introduced digital assets as an emerging financial instrument, focusing on their structure and purpose.
He discussed how cryptocurrencies work, their role in modern finance, and the basics of trading. The videos aimed to clarify common misconceptions and offer a simple breakdown of key terms and concepts.
Through this material, Kher used his media reach to provide accessible information for first-time users. His partnership with WazirX reflected a shift toward public education in India’s evolving crypto landscape.
Tamannaah Bhatia: Under Investigation
Tamannaah Bhatia faced scrutiny from India’s Enforcement Directorate (ED) regarding her alleged promotion of the HPZ Token, which was later identified as a scam. She was questioned as part of a money laundering investigation related to the mobile application that deceived numerous investors under the guise of cryptocurrency mining.
The case highlights the risks associated with celebrity endorsements of unregulated financial products. Bhatia’s involvement underscores the need for thorough due diligence before associating with crypto ventures.
As the investigation continues, it serves as a cautionary tale for both celebrities and investors about the potential pitfalls in the rapidly evolving crypto landscape.
Raj Kundra: Allegations in Ponzi Scheme
Raj Kundra faced serious allegations involving his role in the GainBitcoin Ponzi scheme. Indian authorities claimed Kundra received 285 Bitcoins in exchange for promoting a cryptocurrency mining operation that never became operational. This case, tied to infamous scammer Amit Bhardwaj, allegedly duped over 100,000 investors across India. The Bitcoins received by Kundra were reportedly part of fraudulent promises made to early adopters of the GainBitcoin platform, which collapsed under the weight of its unsustainable payout structure.
Kundra denied involvement in the scam but remained under investigation by the Enforcement Directorate (ED) for alleged financial misconduct. In late 2023, ED attached his properties under the Prevention of Money Laundering Act (PMLA). Reports from Business Standard and crypto.news suggest the 285 BTC received were never returned or accounted for. Kundra argued in court that he was a legitimate investor, not a promoter, and that his name was being unfairly dragged into the case due to his public profile.
The case against Kundra exposed the vulnerability of retail investors when influencers or entrepreneurs endorse opaque crypto projects. It also triggered discussions within financial and legal circles about stronger regulation of celebrity involvement in financial endorsements, especially within emerging tech sectors like blockchain.
SEBI Crackdown: Regulation on Crypto Endorsements
The Securities and Exchange Board of India (SEBI) responded to growing public concerns by proposing a ban on all celebrity endorsements of cryptocurrencies and related digital assets. The draft proposal cited investor protection as the main concern, emphasizing the speculative and high-risk nature of these products. According to SEBI, many investors, especially younger users, treat celebrity endorsements as a form of credibility, which can lead to uninformed financial decisions.
SEBI’s proposal aligns with advertising guidelines already in place for other high-risk sectors such as mutual funds and health supplements. The draft also suggests that even influencers who post about crypto investments or trading platforms should disclose potential conflicts of interest and undergo compliance training. Public comments collected in 2024 revealed widespread support for tighter controls, especially after multiple celebrity-linked crypto projects either failed or ended in legal trouble.
If enacted, this ban could significantly reshape marketing strategies for Indian crypto firms. Exchanges and token developers may have to focus more on educational content and regulatory clarity rather than relying on star power to attract users. Notably, the move also signals a shift toward institutionalizing the sector with tighter investor safeguards and accountability.
Cultural Influence and Public Perception
Celebrity involvement in the crypto space has dramatically shaped how Indian audiences view digital assets. Campaigns during Diwali or IPL seasons featured crypto ads with celebrity faces. This was seen as equating crypto investments with cultural traditions such as buying gold or property. Moreover, this marketing strategy created a powerful narrative: investing in crypto was modern, accessible, and endorsed by trusted figures from mainstream media.
However, this influence has proven double-edged. While it helped onboard millions of first-time users, it also blurred the line between financial education and commercial promotion. Platforms like CoinDCX and CoinSwitch Kuber saw user surges during celebrity-led ad campaigns. However, many of these users lacked the necessary financial literacy to manage crypto risks.
In response, some exchanges began publishing risk disclosures and simplified explainers. But industry experts argue that more is needed. Above all, without proper education and regulation, the celebrity-crypto relationship could backfire. This could damage public trust in digital assets altogether.
