EU: social networks targeted by crypto advertising complaint

The European Consumers’ Organisation (BEUC) has filed a complaint to compel Instagram, YouTube, TikTok and Twitter to apply stricter rules on the advertising related to cryptocurrency.

The BEUC has filed a complaint to the EU consumer protection authorities, reports Reuters on Thursday. The federation of 43 consumer associations from European countries urges social networks, including Instagram, YouTube, TikTok and Twitterto harden their advertising policies in crypto.

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BEUC believes that misleading advertising exposes consumers to serious harm such as “the loss of significant sums of money”. It also wants online platforms to take action against influencers who mislead consumers.

Crypto will soon be regulated with the new Crypto Assets Market Regulation, but this legislation does not apply to social network companies profiting from crypto advertising at the expense of consumers,” said BEUC director Monique Goyens.

Member states recently approved MiCA. European crypto regulation is expected to come into force next year.

That’s why we’re looking to the consumer protection authorities to ensure that Instagram, YouTube, TikTok and Twitter fulfill their duty to protect consumers from crypto scams and false promises,” added Goyens.

Consumer groups from a number of European countries, including France, have also signed up to the complaint.

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