Meta mulls closing Facebook, Instagram in Europe

Meta is considering a scenario for shutting down Facebook and Instagram in the EU, a report of the US Securities and Exchange Commission said, Report informs citing RIA Novosti.

The company's problems are related to the adoption in the EU of a new law providing for the storage and processing of data only on European servers. Meta currently processes its data in the United States and Europe. The company believes that its approach is critical for business - both in terms of social networks and for the advertising market.

Meta assesses the new EU rules as a threat to the work of Facebook and Instagram. Without a transatlantic data transmission system, the company may completely leave the European market.