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flag EU enacts law making social media platforms legally liable for financial scams on their platforms, risking heavy fines.

flag The European Union has passed a new law making social media platforms legally liable for financial scams occurring on their services, expanding regulatory power over Big Tech. flag The measure, part of broader digital rules under the Digital Services and Markets Acts, could result in heavy fines for companies failing to prevent fraud. flag The law marks a significant step in the EU’s effort to enforce digital accountability, despite pushback from tech firms and U.S. officials who criticize the regulations as overly strict.

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