European consumer group BEUC has lodged a complaint with the European Commission and consumer authorities against social media platforms
European Consumer Protection Group is calling for stricter advertising policies on crypto
European consumer group BEUC has lodged a complaint with the European Commission and consumer authorities against social media platforms Instagram, YouTube, TikTok, and Twitter, alleging that they facilitate misleading promotion of crypto assets. BEUC argues that the proliferation of misleading advertisements on these platforms exposes consumers to significant financial harm. They are calling for stricter advertising policies on crypto and measures to prevent influencers from misleading consumers.
BEUC's joint complaint, supported by consumer groups in several European countries, urges the Consumer Protection Cooperation Network to work with European Supervisory Authorities to ensure that social media platforms implement policies to prevent the paid promotion of crypto scams. The complaint highlights the need for consumer protection measures as forthcoming regulations, such as the Market in Crypto Assets Regulation, do not currently apply to social media companies.