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Have you heard about the recent warning from the European Consumer Organization (BEUC) regarding the misleading promotion of cryptocurrency on social media? It seems like scammers are using platforms like Instagram, Twitter, YouTube, and TikTok to push cryptocurrency rackets, targeting unsuspecting individuals, including teenagers.
The BEUC, along with its member organizations, released a comprehensive 20-page report highlighting the risks and scams associated with digital assets. They referred to the combination of social media networks, influencers, and cryptocurrency as a "toxic cocktail." The report specifically called out Instagram, Twitter, YouTube, and TikTok for their loose policies and emphasized the role of "influencers" who make unrealistic promises.
It's worth noting that the BEUC is an influential group representing 45 independent consumer organizations across 31 countries in the European Union (EU). They aim to defend consumer interests and have called for stricter advertising policies on these platforms, claiming that the European Union's consumer laws have been violated.
Interestingly, the EU has already been working to counter crypto scams and increase investor awareness through educational campaigns on social media. They even recently approved the Markets in Crypto Asset (MiCA) legislation to regulate the digital assets space and address the "wild west" mentality associated with it.
It's clear that there is growing concern about the misleading promotion of cryptocurrency on social media, and authorities are taking steps to address this issue. What are your thoughts on this?
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