Europe Bans Cryptocurrency Ads On Twitter And TikTok

Crypto ads are prohibited from circulating on TikTok and Twitter by European authorities. (Photo; Doc. Sygna)

JAKARTA - The European Consumer Organization (BEUC) has filed a lawsuit against doubtful cryptocurrency ads on social media platforms such as Twitter and TikTok. This step was taken in an effort to protect investors from misleading promotions.

BEUC, as a consumer umbrella organization in Europe, has asked Brussels to develop a new regulatory framework to regulate the practice of advertising. In the growing digital era, social media platforms became an important communication center and information dissemination.

BEUC believes that platforms such as Twitter, TikTok, and the like have facilitated the promotion of cryptocurrencies that are unclear and often misleading, either through traditional advertising or through marketing influencers.

Critics argue that this uncontrolled promotion of cryptocurrencies could mislead potential investors and potentially cause significant financial losses. BEUC argues that the promotion of volatile assets such as cryptocurrencies is an unfair commercial practice.

In the context of a digital asset market that has high speculative and risky nature, BEUC is concerned that consumers, especially those without experience, can be exposed to unnecessary and dangerous risks. Therefore, strict regulatory steps need to be taken to protect the interests of investors and consumers.

BEUC urges regulatory authorities in Europe, including Brussels, to take necessary action to protect consumers from the promotion of dishonest and doubtful cryptocurrencies. It is hoped that with the new regulations, investors will be better protected and can make wiser investment decisions in the fast-growing digital asset industry.