EU to clamp down crypto ads on social media

Europe's largest consumer rights group, BEUC, has complained to the European Commission against misleading crypto ads on social media.

Since crypto assets are yet to be regulated under the new MiCA regulations, consumers are not protected, says the group.with the European Commission on 8 June against a number of social media platforms for facilitating the misleading promotion of crypto assets.

The group says that since crypto assets are yet to be regulated under the new Market in Crypto Assets regulations, consumers are not protected by any specific laws. The report calls Instagram, YouTube, Twitter and TikTok “key players” in crypto advertising. It also highlights how such activities are taking place on Facebook and Twitter.

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