TikTok and rivals face EU crypto ads complaint

STORY: TikTok and other online giants could face action in the EU over the promotion of cryptocurrencies.

European consumer group BEUC has lodged a complaint with the European Commission.

It says the platforms facilitate the misleading promotion of crypto assets.

Besides TikTok, the complaint also cites Meta Platforms’ Instagram, Alphabet’s YouTube, and Twitter.

The consumer group says misleading content exposes consumers to serious risks including loss of money.

It says this was happening through advertising and influencers.

In the complaint, it calls for stricter controls on how crypto is promoted.

Consumer groups in several countries, including France, Denmark, Greece and Italy backed the move.

The EU last month adopted the world’s first comprehensive set of rules for regulating crypto markets.

But the consumer groups say this does nothing to address the promotion of such products on social media.

Their move comes just after U.S. watchdogs said they would sue trading platforms Coinbase and Binance, stoking concern over consumer protection regarding crypto assets.