The European Commission has received a complaint from the largest consumer rights group in Europe, accusing cryptocurrency marketers on popular social networks of engaging in a misleading promotion that poses a significant risk to consumers.
European Consumer Organisation (BEUC) has lodged this complaint targeting Meta Platforms’ Instagram, Alphabet’s YouTube, TikTok, and Twitter. Consequently, regulatory action against these platforms is being considered to address the issue and safeguard consumers.
BEUC released a report titled “Hype or harm? The great social media crypto con” on June 8. In this comprehensive 20-page document, BEUC highlights that consumers lack full awareness of the risks involved in dealing with cryptocurrencies. The regulator asserted that the prevalence of deceptive advertisements for crypto assets on social media platforms constitutes an unfair commercial practice.
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The complaint speci
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