US social media company Meta has warned that efforts by EU institutions to make it store data collected on its users in the EU instead of sending them abroad could make in no longer offer Facebook and Instagram in the European bloc, technology news portal Mashable reports.
With the proposed Digital Markets Act and Digital Services Act moving forward in tackling various aspects of the social media business model in the EU, Facebook, Inc. renamed in 2021 as «Meta Platforms, Inc.» has spoken of blocking access to its most popular social media services in its latest annual financial report to the US Securities and Exchange Commission.
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In the 134-page document published in early February, the company pointed out potential risks to its business model related to the place and jurisdiction of data storage and sharing. «We are also subject to evolving laws and regulations that dictate whether, how, and under what circumstances we can transfer, process and/or receive certain data that is critical to our operations, including data shared between countries or regions in which we operate and data shared among our products and services,» it warned.
The company envisages that it would be able to reach new data sharing agreements in 2022. However, if not, «we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe».
Cutting Facebook and Instagram to EU? Meta has warned about this
