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Whatsapp already had a separate privacy policy for the European region (https://www.whatsapp.com/legal/updates/privacy-policy-eea?la...)

Apparently that was too permissive. I guess they had to try?

The privacy policy mildly states that they do not share personal data with facebook for ads right now.

But it also says they might do so at any time, at the latest when the EU okays it.

So yeah, at the very least it is too vague to be a proper privacy policy allowing informed consent