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. The European Union last month adopted the world's first comprehensive set of rules for cryptoasset regulation (MiCa).
