Twitter, TikTok, Instagram And YouTube Criticized By Consumer Group Over Misleading Crypto Ads
Twitter, TikTok, Instagram And YouTube Criticized By Consumer Group Over Misleading Crypto Ads
Topline
A consumer advocacy group has filed a formal complaint with the European Commission about the spread of false crypto ads across social media. The group also complained to TikTok.com, Twitter and YouTube.
BEUC filed a complaint with the European Commission regarding misleading cryptocurrency ads posted on social media.
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The Key Facts
The European Consumer Organization, BEUC, filed a complaint with the European Commission and consumer authorities for “allowing misleading advertisements of crypto assets to multiply on their platforms.”
Crypto investments are highly volatile and speculative, exposing consumers to serious harms including scams and the possibility of losing large sums of money, the complaint said, which was jointly filed with nine of the group’s member organizations.