Thailand Threatens Facebook Over Crypto Scams and Other Fraudulent Ads

Thailand is taking action against Facebook due to the abundance of fraudulent ads promoting crypto scams and investment schemes on the platform. The Ministry of Digital Economy and Society (MDES) reported that over 200,000 people have fallen victim to these ads, which include fake businesses and even counterfeit government agencies like the Securities and Exchange Commission.

The scammers employ various tactics, such as crypto investment and trading scams, to deceive users. Some of these ads also exploit the images of celebrities and prominent financial figures, offering unrealistic promises of up to 30% daily returns to entice unsuspecting individuals.

Thailand’s Response

MDES Minister Chaiwut Thanakamanusorn revealed that the ministry has been in discussions with Facebook and has sent a letter regarding this issue. However, the platform has failed to adequately screen its advertisers, leading Thailand to consider seeking a court-issued shutdown order against Facebook.

The ministry is diligently gathering evidence of the scam ads, which currently total over 5,300. Once this evidence is compiled by the end of the month, the ministry will petition the court to take action to shut down Facebook within seven days.

Thailand’s ministry warns consumers to be cautious when encountering such scams. Individuals should be skeptical of high and guaranteed returns, especially when accompanied by ads featuring well-known figures. Investments that pressure or incentivize quick decision-making with limited offers should also be approached with caution. Additionally, businesses or platforms lacking verifiable information should raise red flags.

As of now, Meta, the parent company of Facebook, has not responded to the inquiries from Cointelegraph regarding this matter.

Editor Notes

It is unfortunate to see the prevalence of crypto scams and fraudulent ads on social media platforms like Facebook. These deceptive practices not only harm individuals financially but also erode trust in the cryptocurrency ecosystem. It is crucial for platforms to take responsibility in scrutinizing their advertisers and protecting their users from such schemes.

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