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Home ยป Thailand Issues Ultimatum to Facebook Regarding Crypto Fraud and Misleading Advertisements.

Thailand Issues Ultimatum to Facebook Regarding Crypto Fraud and Misleading Advertisements.

Thailand's Ultimatum to Facebook: Address Misleading Ads or Face a Potential Shutdown.

by coinbrit
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If Facebook doesn’t solve alleged misleading ads on its platform, Thailand’s digital ministry has threatened to ask a court to order the social media giant to cease business there.

Over 200,000 people had fallen for false Facebook adverts, according to information released on August 21 by the Ministry of Digital Economy and Society (MDES). These advertisements misrepresented official entities, phony investment offers, and cryptocurrency scams, including impersonating the Securities and Exchange Commission.

Using pictures of famous people and well-known business figures, the con artists frequently lured potential victims with claims of up to 30% daily profits, according to the MDES.

The MDES’ Minister Chaiwut Thanakamanusorn emphasized that the ministry has spoken with Facebook, which is controlled by Meta, and has formally mentioned the problem. He noted, however, that the platform appears careless in screening its advertisements.

Over 5,300 of these bogus adverts have already been documented by the MDES. If nothing changes by the end of the month, the ministry plans to ask the court to impose a one-week ban on Facebook’s services in Thailand.

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