00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Australia's internet regulator said it is investigating five major social media platforms
00:07for suspected breaches of its under-16 ban. The move marks the government's first public
00:11assessment of compliance with the law. E-Safety Commissioner Julie Inman-Grant said Facebook,
00:16Instagram, Snapchat, TikTok, and YouTube were flagged for potential non-compliance and that
00:21evidence was being gathered for possible penalties. She said platforms may not be
00:24doing enough to comply and confirmed the regulator is moving into an enforcement stance.
00:28The regulator cited gaps in compliance, including repeated age check attempts,
00:32weak reporting pathways, and inadequate safeguards for under-16 signups.
00:36Platforms face fines of up to $34 million and reputational damage if found in breach.
00:40For all things money, visit Benzinga.com.
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