BRUSSELS, June 8 (Reuters) - Meta Platforms' (META.O) Instagram, Alphabet's (GOOGL.O) YouTube, TikTok and Twitter could face regulatory action after European consumer group BEUC complained to the European Commission and consumer authorities that the online platforms allegedly facilitate the misleading promotion of crypto assets.
U.S. regulators suing crypto platforms Coinbase COIN.O and Binance, along with last year's collapse of FTX, have sparked concerns over consumer protection related to crypto assets such as bitcoin and ether.
It urged the Consumer Protection Cooperation Network to require the online platforms to adopt stricter advertising policies on crypto and take measures to prevent influencers from misleading consumers.
The group called on European consumer authorities to cooperate with European Supervisory Authorities for financial services to ensure the platforms adapt their advertising policies to prevent the misleading promotion of crypto.
"This is why we are turning to the authorities in charge of protecting consumers to ensure Instagram, YouTube, TikTok and Twitter fulfil their duty to protect consumers against crypto scams and false promises," she said.
Persons:
BEUC, Monique Goyens, Foo Yun Chee, Lisa Shumaker
Organizations:
YouTube, Twitter, European Commission, European Union, Consumer Protection Cooperation Network, Commission, European, Authorities, Crypto, Consumer, Thomson
Locations:
BRUSSELS, Denmark, France, Greece, Italy, Lithuania, Portugal, Slovakia, Spain