{"id":5515,"date":"2023-06-09T19:05:22","date_gmt":"2023-06-09T23:05:22","guid":{"rendered":"http:\/\/leadingcryptonews.com\/toxic-cocktail-eu-watchdog-calls-out-instagram-tiktok-for-enabling-crypto-scams\/"},"modified":"2023-06-09T19:05:22","modified_gmt":"2023-06-09T23:05:22","slug":"toxic-cocktail-eu-watchdog-calls-out-instagram-tiktok-for-enabling-crypto-scams","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/toxic-cocktail-eu-watchdog-calls-out-instagram-tiktok-for-enabling-crypto-scams\/","title":{"rendered":"&#8216;Toxic Cocktail&#8217;: EU Watchdog Calls Out Instagram, TikTok for Enabling Crypto Scams"},"content":{"rendered":"<p> <br \/>\n<br \/><noscript><img decoding=\"async\" class=\"lazyload\" src=\"https:\/\/img.decrypt.co\/insecure\/rs:fill:1024:512:1:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2020\/03\/shutterstock_10237608281-gID_7.jpg@png\" \/><\/noscript><\/p>\n<div style=\"position:relative;overflow:visible;font-size:1.2em;line-height:1.58;text-align:left\">\n<p class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Scammers are using social media to push cryptocurrency rackets? Tell us something we didn\u2019t already know. Even so, the European Consumer Organization (BEUC) and nine of its member organizations have issued a stark warning to European authorities about the misleading promotion of cryptocurrency on leading social media platforms.\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Beginning with a Dogecoin meme, the watchdog group's <\/span><span style=\"font-weight:400\">20-page report<\/span><span style=\"font-weight:400\"> categorically slams digital assets as highly risky and <\/span><span style=\"font-weight:400\">prone<\/span><span style=\"font-weight:400\"> to scams. It outlines the effect that digital assets have on consumers, offering quantitative data on its usage across several nations, as well as how crypto influencers operate.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">In the report, <\/span><span style=\"font-weight:400\">Instagram<\/span><span style=\"font-weight:400\">, <\/span><span style=\"font-weight:400\">Twitter<\/span><span style=\"font-weight:400\">, <\/span><span style=\"font-weight:400\">YouTube<\/span><span style=\"font-weight:400\"> and <\/span><span style=\"font-weight:400\">TikTok<\/span><span style=\"font-weight:400\"> are specifically called out, with the group calling the combination of social media networks, influencers, and cryptocurrency a<\/span><span style=\"font-weight:400\">\u00a0\u201ctoxic cocktail.\u201d The group claims that the networks' loose policies are \u201cdubious,\u201d and that scammers tend to target unsuspecting teenagers. It also emphasizes the role of \u201cfinfluencers\u201d that make promises that are simply too good to be true.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">The <\/span><span style=\"font-weight:400\">BEUC<\/span><span style=\"font-weight:400\"> is a group of 45 independent consumer organizations spread across 31 countries. According to its website, the goal is to represent these institutions in the European Union (EU) and defend the interests of consumers. Among the group\u2019s points of interest are sustainability, financial services, health, and international affairs.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Monique Goyens, Director General of BEUC, said in a <\/span><span style=\"font-weight:400\">press release<\/span><span style=\"font-weight:400\"> that \u201cit is well documented that crypto promotion involves scams and unfair commercial practices.\u201d<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">&#8220;Crypto will be regulated soon with the new Markets in Crypto Assets regulation, but this legislation does not apply to the social media companies benefiting from the advertising of crypto at the expense of consumers,&#8221; she added, <\/span><span style=\"font-weight:400\">according<\/span><span style=\"font-weight:400\"> to <\/span><span style=\"font-weight:400\">Reuters.<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">According to the BEUC, the European Union\u2019s consumer laws have been broken, and it calls upon the European network of national consumer authorities (CPC-Network) to act and enforce stricter advertising policies on these platforms.\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Despite today\u2019s scathing report, authorities in Europe have already been working to counter crypto scams. Ironically, they <\/span><span style=\"font-weight:400\">took to social media<\/span><span style=\"font-weight:400\"> in 2022 with <\/span><span style=\"font-weight:400\">educational campaigns<\/span><span style=\"font-weight:400\"> increasing investor awareness about the asset class.\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">The European Union has been at the forefront of crypto legislation, approving Markets in Crypto Asset (<\/span><span style=\"font-weight:400\">MiCA<\/span><span style=\"font-weight:400\">) legislation earlier this year, which aims to end the so-called \u201c<\/span><span style=\"font-weight:400\">wild west<\/span><span style=\"font-weight:400\">\u201d mentality of the digital assets space.<\/span><\/p>\n<div class=\"my-4 border-b border-decryptGridline\">\n<div class=\"text-left p-8 md:py-12 md:px-12 max-w-prose relative\"><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute top-4 left-4 md:top-6 md:left-6\"\/><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute rotate-180 bottom-4 right-4 md:bottom-6 md:right-6\"\/><\/p>\n<h3 class=\"font-akzidenz-grotesk font-bold text-xl md:text-3xl mb-6 md:text-center gg-dark:text-white\">Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/decrypt.co\/144028\/toxic-cocktail-eu-watchdog-calls-out-instagram-tiktok-enabling-crypto-scams\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scammers are using social media to push cryptocurrency rackets? Tell us something we didn\u2019t already know. Even so, the European Consumer Organization (BEUC) and nine of its member organizations have issued a stark warning to European authorities about the misleading promotion of cryptocurrency on leading social media platforms.\u00a0 Beginning with a Dogecoin meme, the watchdog [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-5515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending-cryptos"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>&#039;Toxic Cocktail&#039;: EU Watchdog Calls Out Instagram, TikTok for Enabling Crypto Scams - Leading Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadingcryptonews.com\/toxic-cocktail-eu-watchdog-calls-out-instagram-tiktok-for-enabling-crypto-scams\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&#039;Toxic Cocktail&#039;: EU Watchdog Calls Out Instagram, TikTok for Enabling Crypto Scams\" \/>\n<meta property=\"og:description\" content=\"Scammers are using social media to push cryptocurrency rackets? 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