Thailand Threatens Legal Action Against Facebook Unless Crypto Scams and Fraudulent Ads Are Addressed
Unless substantial measures are taken to counteract alleged investment and cryptocurrency scam advertisements on its platform, Thailand is considering pursuing a court-issued shutdown order against Facebook.
According to an announcement made on August 21st by the Ministry of Digital Economy and Society, over 200,000 individuals have fallen victim to deceptive Facebook ads promoting cryptocurrency scams, fraudulent investment opportunities, and fictitious entities masquerading as legitimate government agencies like the Securities and Exchange Commission.
Among the tactics employed by these fraudulent parties, the Ministry of Digital Economy and Society cited schemes centered around cryptocurrency investment and trading. Some of these advertisements purportedly featured images of well-known celebrities and financial experts, accompanied by enticing promises of daily returns reaching up to 30%, all designed to lure individuals into participating in these fraudulent schemes.
Chaiwut Thanakamanusorn, the Minister of the Ministry of Digital Economy and Society, revealed that discussions had taken place with the platform owned by Meta (formerly Facebook), and a formal letter had been sent regarding the issue. However, the minister alleged that the platform has been falling short in adequately screening its advertisers.
Currently, the ministry is in the process of collecting evidence regarding the fraudulent advertisements, which have been quantified to exceed a count of 5,300. By the month’s end, the ministry will be fully prepared to approach the court with a request to initiate the shutdown of Facebook within a seven-day timeframe.
The ministry has cautioned about the typical modus operandi of such scams, advising consumers to exercise caution when encountering offers that promise unusually high and guaranteed returns. Additionally, ads that employ images of well-known personalities should be met with skepticism.
Investment propositions that exert pressure or employ limited-time incentives for swift investment, as well as businesses or platforms lacking verifiable information, should also be approached with vigilance.
Cointelegraph reached out to Meta, but a response has not been received at this time.