European Consumer Organization BEUC Complains About Encrypted Ads on Instagram, YouTube, and Other Social Platforms

According to Reuters, Meta Platforms' Instagram, Alphabet's YouTube, as well as TikTok and Twitter may face regulatory action over encrypted advertising. European consumer organization BEUC has complained that the proliferation of misleading advertisements for crypto assets on social media platforms is an unfair business practice as it exposes consumers to serious harm, such as losing large amounts of money. These social networks take measures to prevent influencers from misleading consumers and inform the European Commission of the effectiveness of these measures. Foresight News previously reported that the British Financial Market Conduct Authority (FCA) plans to treat cryptocurrencies as high-risk investments, and advertisers of cryptocurrency services will face stricter regulations from October 8, and encryption companies must be on October 8. A “cooling-off period” for first-time investors will be introduced after 2020, and the “refer a friend” reward program must also be abolished to ensure that cryptocurrency investors fully understand the risks.