At EU level, ESMA has written to 10 of the largest social media and platform companies, asking them to please be proactive in preventing the promotion of unauthorised financial services. This follows IOSCO highlighting the global risks of online harm. Its letters note the positive steps some of the entities have already taken and encourages them to expand and increase them, while noting to others that some platforms are already doing more than them and urging them to start.
ESMA calls on social media companies to stop promoting unauthorised financial services
European Union flags in front of the Berlaymont building (European commission) in Brussels, Belgium.