Meta Platforms-owned Instagram, Alphabet-owned YouTube, TikTok and Twitter may face regulatory action after the European Consumers Union (BEUC) filed a complaint with the European Commission and consumer authorities alleging that the online platforms have facilitated misleading promotion of crypto assets.
In a complaint filed on Thursday, BEUC said the proliferation of misleading advertising of crypto assets on social media platforms is an unfair business practice that exposes consumers to risks, such as the loss of significant amounts of money. BEUC urged the Consumer Protection Cooperation Network to require online platforms to adopt stricter cryptocurrency advertising policies and take measures to prevent influencers from misleading consumers, and said the network should then report to the European Commission on the effectiveness of these measures. (Reuters)