BEUC, the European Consumer Organization, has urged Brussels to clamp down on the promotion of crypto assets on social media. The umbrella group calls for implementing stricter advertising rules on major platforms like Twitter and Tiktok as well as preventing influencers from misleading investors.
BEUC Complains About Promotion of Risky Crypto to European Consumers on Social Media
The European Consumer Organization, better known by its French abbreviation BEUC (Bureau Européen des Unions de Consommateurs), has filed a complaint with the European Commission and consumer authorities in the EU against Tiktok, Twitter, Instagram, and Youtube, alleging that they facilitate misleading crypto promotion.
“These social media companies are responsible for allowing misleading advertisements of crypto assets to multiply on their platforms (both through advertising and influencers),” the bureau said in an announcement presenting its “Hype or harm? The great social media crypto con” report.
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