The European Consumer Organization BEUC has complained about the cryptocurrency advertisements on social platforms such as Instagram and YouTube
ChainCatcher news, according to a report by Reuters, Meta Platforms' Instagram, Alphabet's YouTube, as well as TikTok and Twitter may face regulatory action due to cryptocurrency advertising. The European Consumer Organization BEUC has complained that the proliferation of misleading advertisements for crypto assets on social media platforms constitutes an unfair commercial practice, as it exposes consumers to serious harm, such as losing large amounts of money. These social networks are taking measures to prevent influencers from misleading consumers and will inform the European Commission about the effectiveness of these measures.Previous news, the UK's Financial Conduct Authority (FCA) plans to classify cryptocurrencies as high-risk investments. Advertisers of cryptocurrency services will face stricter regulations starting October 8, and crypto companies must introduce a "cooling-off period" for first-time investors after October 8, as well as eliminate "refer-a-friend" reward programs to ensure that cryptocurrency investors are fully aware of the risks. (Source link)
