Facebook and Instagram – one of the most famous social networks, may be closed up in Europe, Meta said.
The company is being prevented by European data regulations for processing users’ data in between countries. Meta says that this process is really important to its business especially when it comes to ad targeting. However, European’s laws’ aim is to protect users’ privacy by keeping their data in the EU’s jurisdiction.
In an annual report Meta stated:
“If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on SCCs or rely upon other alternative means of data transfers from Europe to the United States, we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe, which would materially and adversely affect our business, financial condition, and results of operations.”
CNick Clegg, Meta’s VP of Global Affairs and Communications said, according to City.A.M that “a lack of safe, secure and legal international data transfers would damage the economy and hamper the growth of data-driven businesses in the EU, just as we seek a recovery from Covid-19.”
He also added that the change will have an influence on both small and large businesses.