{"id":51568,"date":"2023-06-08T09:12:08","date_gmt":"2023-06-08T13:12:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=51568"},"modified":"2023-06-08T09:12:11","modified_gmt":"2023-06-08T13:12:11","slug":"eu-consumer-group-urges-social-media-platforms-to-ban-crypto-ads","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/eu-consumer-group-urges-social-media-platforms-to-ban-crypto-ads\/","title":{"rendered":"EU Consumer Group Urges Social Media Platforms to Ban Crypto Ads"},"content":{"rendered":"\n

BEUC, a European consumer organization, has filed a complaint with the EU and national authorities against Instagram, YouTube, TikTok, and Twitter for allowing misleading crypto ads<\/a> on their platforms.<\/p>\n\n\n\n

\"EU<\/figure>\n\n\n\n

The group says the ads expose consumers to high financial loss risks and violate consumer laws.<\/p>\n\n\n\n

BEUC, representing 45 consumer associations from 32 European countries, has filed a complaint\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> with the European Commission and the Consumer Protection Cooperation Network against four social media platforms: Instagram, YouTube, TikTok, and Twitter. <\/p>\n\n\n\n

The complaint accuses the platforms of facilitating the misleading promotion of crypto assets, including Bitcoin, Ethereum, and Dogecoin, through advertising and influencers.<\/p>\n\n\n\n

The group says that these ads promise consumers “get rich quick” investments that are too good to be true and that consumers are at a high risk of losing a significant amount of money without recourse to justice. <\/p>\n\n\n\n

In addition, the group says these ads constitute an unfair commercial practice, as they breach the platforms' advertising policies and violate EU consumer laws <\/use><\/svg><\/span><\/a>that prohibit unfair and misleading commerce.<\/p>\n\n\n\n

BEUC Director General Monique Goyens said, <\/p>\n\n\n\n

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“Consumers are increasingly being promised ‘get rich quick' investments by ads and influencers on social media. Unfortunately, in most cases, these claims are too good to be true, and consumers are at a high risk of losing a lot of money without recourse to justice.”<\/p>\n<\/blockquote>\n\n\n\n

BEUC's Demands for Social Media Platforms<\/h3>\n\n\n\n

BEUC is calling on the authorities to take action against the social media platforms and require them to:<\/p>\n\n\n\n