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 […]
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.
The MDES said it had sent a letter to Facebook and had been in talks with the platform, but claimed that Facebook was failing to screen its advertisers. The MDES is currently gathering evidence of over 5,300 scam ads, which it plans to send to the court by the end of August. It will ask the court to order Facebook’s closure within seven days if the platform does not show responsibility to Thai society123.
Some of the common tactics used by the scammers include using images of celebrities and financial figures, promising high and guaranteed returns, and pressuring or incentivizing people to invest quickly. The MDES warned consumers to be wary of such ads and to verify the information before investing123.
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