Social media giants could face action in the EU over misleading crypto ads

A European consumer group has filed a complaint with the European Commission, alleging that social media giants like TikTok, Meta, Alphabet, YouTube, and Twitter are misleading consumers about cryptocurrencies.

The complaint, filed by the European Consumer Organization (BEUC), says that the platforms are facilitating the promotion of crypto assets through advertising and influencers, which exposes consumers to serious risks, including loss of money.

BEUC is calling for stricter controls on how crypto is promoted on social media. The group says that the EU's new rules for regulating crypto markets do not go far enough to address the issue.

The complaint comes just days after US regulators announced that they would sue two major crypto trading platforms, Coinbase and Binance. The lawsuits allege that the platforms violated investor protection laws by failing to adequately disclose risks associated with trading cryptocurrencies.

The BEUC complaint is the latest sign of growing concerns about the risks of investing in cryptocurrencies. In recent years, there have been a number of high-profile scams and collapses involving crypto projects.

As the popularity of cryptocurrencies continues to grow, it is important for investors to be aware of the risks involved. It is also important to remember that cryptocurrencies are not regulated by governments, which means that there is no guarantee that investors will be able to recover their losses if something goes wrong.

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