Published today, our report, ‘Hype or harm? The great social media crypto con’, provides ample evidence of the misleading promotion of crypto on Instagram, YouTube, TikTok and Twitter, in contravention of the platforms’ own advertising policies. It is also well-documented that crypto may expose consumers to scams and unfair commercial practices resulting in heavy financial losses. Unlike traditional investments, crypto is not backed by tangible assets and is mainly based on speculation, making it highly volatile. 1ĭue to its high volatility and speculative nature, crypto remains a highly risky investment product not suitable for many consumers. This constitutes an unfair commercial practice, as it exposes consumers to serious harm i.e., the loss of significant amounts of money. These social media companies are responsible for allowing misleading advertisements of crypto assets (‘crypto’) to multiply on their platforms (both through advertising and influencers). Today BEUC and nine of its members* (in Denmark, France, Greece, Italy, Lithuania, Portugal, Slovakia and Spain) filed a complaint with the European Commission and consumer authorities against Instagram, YouTube, TikTok and Twitter for facilitating the misleading promotion of crypto assets.
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