BEUC, a group of European consumer organizations, has filed a complaint with European Union consumer protection bodies, urging Instagram, YouTube, TikTok and Twitter to strengthen their regulations on crypto ads.
The complaint stresses the need for social media platforms to ban influencers from promoting cryptocurrencies, citing concerns about misleading claims and potential financial risks faced by consumers.
This article explores the reasons behind BEUC’s complaint and the importance of meticulously evaluating one’s investments in the crypto world.
BEUC’s complaint about crypto ads
BEUC’s complaint highlights the increasing prevalence of “get rich quick” investment schemes advertised through social media platforms.
Consumers are often enticed by promises of substantial gains, but are left vulnerable to financial losses without any means of recourse.
Director General Monique Goyens points out that these promises are often too good to be true and consumers are at h
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