The social media giant Meta has warned in it's annual report that it is considering shutting down Facebook and Instagram in Europe if the data regulations are not changed.
Facebook said: “If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on SCCs (standard contractual clauses) 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.
European Union regulators are currently drawing up new legislation that will dictate how EU citizens’ user data gets transferred across the Atlantic to the US. The current regulation does to allow the company to transfer data back to the US to protect the privacy of the EU based users.
EU’s highest legal authority, European Court of Justice ruled in 2020 that the data transfer standard between the EU and the US doesn’t adequately protect European citizens’ privacy. The previous regulation left the data vulnerable to demands of US agencies such as NSA et al.