The parent company of Facebook and Instagram, Meta has revealed that it may have to shut down the operations of both social media networks if a new data transfer framework isn't adopted across Europe.
Revealed in a new report by Meta, the company has stated that if it cannot rely on a method for transferring data between the US and Europe, that it might have to shut both platforms down, due to it significantly affecting business.
"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."
It does seem like quite a brash move and one that would affect Meta significantly more than it benefits it, but regardless the European Commission is slated to be working on a new arrangement, one that is compliant with EU Court requirements, that will alleviate the problem, as Euronews reports.
Speaking about the matter to Euronews, a Meta spokesperson added, "We have absolutely no desire and no plans to withdraw from Europe, but the simple reality is that Meta, and many other businesses, organisations and services, rely on data transfers between the EU and the US."
Do you think Meta would ever pull Facebook or Instagram from Europe?