Instagram, YouTube, TikTok, Twitter target of EU crypto advertising complaint

FILE PHOTO: Souvenir tokens representing cryptocurrency Bitcoin and the Ethereum network, with its native token ether, plunge into water in this illustration taken May 17, 2022. REUTERS/Dado Ruvic/File Photo

BRUSSELS (Reuters) - Meta Platforms' Instagram, Alphabet's YouTube, TikTok and Twitter could face regulatory action after European consumer group BEUC complained to the European Commission and consumer authorities that the online platforms allegedly facilitate the misleading promotion of crypto assets.

U.S. regulators suing crypto platforms Coinbase and Binance, along with last year's collapse of FTX, have sparked concerns over consumer protection related to crypto assets such as bitcoin and ether.