{"id":106029,"date":"2023-06-08T08:42:22","date_gmt":"2023-06-08T08:42:22","guid":{"rendered":"https:\/\/dripp.zone\/news\/eu-watchdog-targets-crypto-ads-on-instagram-youtube-tiktok-twitter-crypto-news\/"},"modified":"2023-06-08T08:42:25","modified_gmt":"2023-06-08T08:42:25","slug":"eu-watchdog-targets-crypto-ads-on-instagram-youtube-tiktok-twitter-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eu-watchdog-targets-crypto-ads-on-instagram-youtube-tiktok-twitter-crypto-news\/","title":{"rendered":"EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter\n – Crypto News"},"content":{"rendered":"
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The largest European consumer rights group alleges crypto marketers in popular social networks the misleading promotion and thus exposing consumers to serious harm. A certain complaint was filed with the European Commission. <\/p>\n

On June 8, the European Consumer Organization (BEUC) published<\/a> a report ‘Hype or harm? The great social media crypto con. In a 20-page document, BEUC states that consumers are not fully aware of the risks associated with crypto. <\/p>\n

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Today BEUC & consumer groups in 8 countries are taking action against TikTok, Instagram, Twitter & YouTube for facilitating the misleading promotion of crypto assets on social media. We’ve filed a complaint with @EU_Commission<\/a> and consumer authorities: https:\/\/t.co\/b6NYsBl4VM<\/a> pic.twitter.com\/w5iLMy4h1i<\/a><\/p>\n

\u2014 The Consumer Voice (@beuc) June 8, 2023<\/a><\/p><\/blockquote>\n

The report draws examples from Instagram, Youtube, Twitter and TikTok, calling them “key players” in crypto advertising. In a case with Facebook, it notes that crypto ads skirt rules, forbidding the promotion of non-licensed financial platforms. The announcement stated<\/a>,<\/p>\n

“TikTok, Instagram, Twitter & YouTube are responsible for allowing misleading advertisements of crypto to multiply through ads & influencers. This is an unfair commercial practice, exposing consumers to serious harm (loss of significant amounts of money).”<\/p><\/blockquote>\n

With Twitter, the report nods at Elon Musk’s move to install Doge, a mascot for Dogecoin, despite the platforms’ own prohibition of any crypto advertising. BEUC also mentions so-called “finfluencers” as “an important source of information” for a younger audience. <\/p>\n

Related: <\/u><\/em><\/strong>EU officials want all AI-generated content to be labeled<\/em><\/strong><\/a><\/p>\n

Despite the single national regulators’ efforts to combat misleading promotion, the problem still lacks a complex approach. According to the report, there is already a legal basis to take EU-level measures \u2014 an Unfair Commercial Practices Directive (UCPD), and there is a body to lead the enforcement \u2014 an EU Consumer Protection Cooperation Network (CPC Network): <\/p>\n

\u201cThe problem continues to be addressed at national level mainly while it would require a common approach by the CPC Network acting collectively on the basis of the UCPD and targeting the platforms used for the promotion of crypto assets and related services.\u201d<\/p><\/blockquote>\n

The report calls for the CPC-Network to request that social media platforms implement stricter conditions in their advertising policies, include in their Terms of Use a prohibition for influencers to promote crypto products and submit reports to the European Commission about the effectiveness of the measures put in place. <\/p>\n

Meanwhile, in France, the Senate approved an amendment<\/a> allowing registered crypto companies to hire social media influencers for advertising and promotional purposes.<\/p>\n

Magazine: <\/u><\/em><\/strong>Bitcoin is on a collision course with ‘Net Zero’ promises<\/em><\/strong><\/a><\/p>\n