Despite the single national regulators' efforts to combat misleading promotion, the problem still lacks a complex approach, BEUC believes.
“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 .“
Concerning Twitter, the report nods at Elon Musk’s move to use Doge, a mascot for Dogecoin , despite the platform’s own prohibition of crypto ads. The BEUC also mentions so-called “finfluencers” as “an important source of information” for a younger audience.Despite the single national regulators' efforts to combat misleading promotion, the problem still lacks a complex approach.
“The 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.” 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.allowing registered crypto companies to hire social media influencers for advertising and promotional purposes.
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