Facebook Crypto Problem: Thailand Warns of Shutdown Unless Scams Are Addressed

Crypto News– Thailand’s Ministry of Digital Economy and Society has announced its intention to initiate legal proceedings against Meta’s Facebook due to allegations of hosting cryptocurrency scam advertisements on its platform. The ministry has stated that it will pursue legal action unless Facebook takes active measures to address this issue.

Facebook Crypto Problem: Thailand Warns of Shutdown Unless Scams Are Addressed

In an official statement released on a Monday, the ministry conveyed its plan to petition a local court to order the shutdown of Facebook within the country by the conclusion of the current month. The proposed course of action is contingent upon Facebook demonstrating a more proactive stance in removing advertisements that are purportedly linked to fraudulent activities, some of which involve cryptocurrencies.

According to a report by Reuters, the ministry is in the process of accumulating evidence that demonstrates Facebook’s alleged misconduct. This evidence will be presented before the court as part of their case. The ministry’s statement indicates that the advertisements in question enticed individuals by making promises of substantial returns on what were presented as investment opportunities.

Notably, a number of these fraudulent schemes revolved around the trading of digital coins and cryptocurrencies. The ministry’s assertion highlights that these scams have negatively impacted over 200,000 people.

It has been reported that scammers frequently employed images of well-known celebrities as a tactic to attract attention and establish trust with their potential victims, as noted by the ministry. This exploitation of celebrity imagery further underscores the deceptive nature of these schemes.