BEUC, a grouping of European consumer organisations , has filed a complaint to the European Union consumer protection agencies, asking Instagram, YouTube and TikTok, as well as Twitter, to tighten up their crypto advertising regulations.

The complaint stated that national regulators should require social networks to tighten up their policies, and prohibit influencers from promoting cryptocurrency.

In a recent statement, Director General Monique G. Goyens stated that consumers are being increasingly promised ‘get-rich-quick’ investments through ads and influencers. “Unfortunately, most of these claims are not true, and consumers risk losing money without recourse to the justice system.”

The EU’s Markets in Crypto Assets Regulation, MiCA will require crypto providers to have a license in order to advertise in the EU. In addition, the Digital Services Act, which is parallel, imposes additional restrictions on large online platforms.

BEUC says that despite existing laws prohibiting unfair commercial practices, additional measures are still needed to combat crypto scams.

Goyens said that she was “no longer a fan” of Matt Damon and that she was “boycotting” soccer star Cristiano Ronaldo, stars of recent promotions linked to a href=”https://www.coindesk.com/video/crypto-com-launching-100-million global advertising campaign featuring Matt Damon/” rel=”noopener”, target=”_blank”>crypto.com/a> and a href She said she “wasn’t a fan of Matt Damon any longer” and “boycotted” Cristiano Ronaldo. The soccer star was the subject of recent promotional campaigns linked to Crypto.com, and Binaryance.

Goyens said that “online platforms have a professional duty” to combat unfair commerce under EU regulations. He added that some networks were violating their own advertising policies.

Theoretically, national consumer authorities have the power to impose fines for violating consumer laws, but Goyens stated that she would like sanctions to be more severe. TikTok agreed to follow EU guidelines in a case that occurred last year after BEUC raised concerns about hidden marketing and aggressive advertising targeting children.

Agustin Reyna, a BEUC employee, told reporters that different social media networks have different ways of moderating their content. However, if the networks could not prevent interactions with misleading materials then they should ban crypto promotions outright.

France has recently passed legislation that regulates influencers, social media users who use the power of their platform to promote products and services. crypto promotion is only allowed for crypto firms registered with regulators.

CoinDesk has contacted Twitter, Instagram TikTok, and YouTube to get their comments.

UPDATE (8.06.10:16 UTC: Added quotes from Goyens and Reyna in the sixth paragraph. Also added details of an earlier TikTok Case.

Sheldon Reback is the editor.