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The European Consumer Organization (BEUC) report reveals that social media platforms like Instagram, TikTok, Twitter, and YouTube enable digital asset scams. The watchdog highlighted the risks of cryptocurrencies on consumers and criticized platforms’ lenient approach to crypto advertising. The BEUC has called for stricter enforcement of advertising policies and prohibiting influencer promotions to protect consumers from unfair practices within the digital asset space.

The European Consumer Group (BEUC) has lodged a complaint with the European Commission regarding tech giants like Meta and Alphabet, urging stricter crypto advertising policies in the EU due to concerns about potentially misleading ads on platforms like Instagram, YouTube, TikTok, and Twitter. The group seeks better protection against crypto scams and false promises.

BEUC, a group of European consumer organizations, calls for stricter policies on crypto advertising and influencer promotions on social media platforms. The European Union’s Markets in Crypto Assets regulation and Digital Services Act aim to address unfair practices and protect consumers from potential financial losses related to crypto scams.

The European Consumer Organisation’s report emphasizes the risks associated with cryptocurrencies and criticizes social media platforms for allowing misleading ads. It calls for stricter policies on crypto promotion, highlighting the importance of implementing responsible advertising practices and fostering transparency in the industry to ensure informed decision-making for consumers.