logo logo

Where Web 2.0 social media meets Web 3.0. On Lit.it watch viral videos & earn points for watching & sharing videos or inviting people.

The Lit.it

Lit.it Telegram

Join the lit.it community and get current news and the official launch time.

Join Now
CryptoLit.itTrending

Thailand May Banish Facebook Because of Crypto Scam Ads.

The possible ban of Facebook in Thailand due to its failure to control the ads containing investment scams, which include crypto. According to the article, Thailand’s Ministry of Digital Economy and Society (DES) has asked a court to order the closure of Facebook within seven days if it does not comply with the request to […]

Share on:

The possible ban of Facebook in Thailand due to its failure to control the ads containing investment scams, which include crypto. According to the article, Thailand’s Ministry of Digital Economy and Society (DES) has asked a court to order the closure of Facebook within seven days if it does not comply with the request to reduce and monitor the scam ads. The DES claims that Facebook allows fraudsters to deceive people into believing they are making legitimate investments, and that many people have lost their money and assets as a result.

The article also mentions that Thailand is not the only country that has issues with Facebook and crypto scams. In 2019, Singapore ordered Facebook to correct a post by an anti-government website that falsely claimed that Prime Minister Lee Hsien Loong endorsed a crypto platform. In 2020, Australia sued Facebook for allowing misleading ads that used celebrities’ images to promote fake crypto investments.

The article concludes by saying that Facebook has not yet responded to the DES’s ultimatum, and that it is unclear whether the social media giant will take any action to address the problem. The article also suggests that Facebook may face more regulatory challenges in the future as more countries adopt stricter rules on crypto-related activities.

MDES told Facebook, sent a letter, and had talks, but insisted Facebook neglects advertiser screening. MDES is compiling evidence for 5,300 scam ads, aiming to submit it to the court by August’s end. If Facebook doesn’t demonstrate responsibility to Thai society, it will seek a court order for closure within seven days.

Scammers use celebrity images, promise high returns, and pressure people to invest rapidly. The MDES warned consumers to be wary of such ads and to verify the information before investing123.

avatar

Experienced Developer with a demonstrated history of working in the computer software industry.

Two SEC Lawyers Quit Over Misconduct in Digital Licensing Case

Hold onto your hats, crypto enthusiasts! The Securities and Exchange Commission (SEC), the agency tasked with protecting investors, has recently found itself in the hot seat. Two SEC lawyers have resigned, and the agency is facing sanctions after a judge ruled it abused its power in a case against a crypto company. What Went Down? […]

Bitcoin Miners: Halving Blues and a Shift to AI?

Have you heard the buzz about the Bitcoin halving? It’s kind of a big deal in the crypto world, and it’s causing a bit of a stir among Bitcoin miners. In case you’re new to the block (pun intended!), the halving is an event written into Bitcoin’s code that cuts the reward miners get for […]

Halving Explained: What Bitcoin Investors Need to Know

Ever feel like you’re constantly missing out on the next big thing in the world of cryptocurrency? Fear not, fellow investor! Today, we’re diving into the mysterious world of Bitcoin halving, a technical event that some believe holds the key to unlocking a surge in Bitcoin’s price. But before you saddle up and chase rainbows, […]