Thailand has decided to require an injunction to shut down Facebook if it fails to effectively address misleading investment ads and cryptocurrency scams on its platform.

On Aug. 21, the Ministry of Digital Economy and Society (MDES) reported that more than 200,000 people were notably misled by Facebook ads promoting cryptocurrency scams, investments in fictitious companies, and fake government entities, such as the Stock Exchange Commission and Values.

Among the most common schemes used by scammers were cryptocurrency investment and business fraud, according to MDES. Some ads apparently used images of famous personalities and well-known financial figures, offering promises of up to 30 % daily profit, with the purpose of luring people into scams.

Chaiwut Thanakamanusorn, the MDES minister, said that the ministry had held talks with the Meta platform and had sent a letter to it in this regard, however, he stated that it does not exercise control over advertisers.

The Ministry is amassing evidence of the fraudulent advertisements, which, according to his statement, number a considerable 5,300. Later this month, he is set to formally petition the court to shut down Facebook within seven days.

The Ministry alerted about the modus operandi of these scams, emphasizing that consumers must be careful when faced with promises of high and guaranteed returns, as well as with advertisements that use images of famous people.

K. Tovar

Source: Cointelegraph

(Reference image source: Timothy Hales Bennett, Unsplash)

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La entrada Thailand threatens to shut down Facebook over massive crypto scams apareció primero en Bitfinance.

Cryptocurrency scams in the UK have increased this year by 32 % according to a study by the country’s Police Fraud Unit.

The estimate in thefts and other cryptographic frauds in 2022 amounts to 273 million dollars. The main reason to hook the victims is, at the moment, the recession that affects the United Kingdom. Consequently, citizens look for alternatives and are seduced by those who offer high profits.

Cryptocurrencies appear as the saving option in the face of the increase in the cost of living. However, many go unwary and are caught by scammers on fraudulent platforms that offer easy money for little investment.

UK police have already seized millions of British pounds across the country. Cybercrimes have forced security forces to incorporate cryptocurrency specialists into their staff. One of the most recent police operations, carried out last Friday, led to the arrest of more than a hundred people suspected of fraud.

On the other hand, the London Metropolitan Police has just closed the iSpoof website that had captured 200,000 victims of a scam estimated at several million dollars in Great Britain alone.

These are just a few examples of recent cases of scams, where the affected citizens are contacted via telephone calls from alleged crypto trading companies that impersonate legal entities to commit their crimes and make the victims’ savings disappear as if by magic.

M.Pino

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Source: diariobitcoin

La entrada UK cryptocurrency scams up 32 % apareció primero en Bitfinance.

The Special Commission of the Chamber of Deputies of Brazil approved the latest regulatory changes that are part of bill 2303/15 that provides for a strengthening of criminal measures for those who commit financial crimes using cryptocurrencies such as bitcoin.

The new legal statute increases “the amount of fines from one third of the amount of money laundered to two thirds.” In addition, it proposes to extend the “minimum prison sentences from three to four years, and increase the maximum prison sentence from 10 years to 16 years and eight months, in addition to a fine,” as specifies the official statement released by the Chamber.

Brazilian legislators are working to provide strict measures for crimes related to crypto, as well as the regulation of commerce and payments with crypto assets. The bill will be the subject of new debates in the plenary session of the Chamber.

Aureo Ribeiro, federal deputy, highlighted that the new legal framework will allow the state to “protect Brazilians from crypto scams, noting that more than 300,000 people were affected by “pyramid financial schemes related to cryptocurrencies” in Rio de Janeiro.

Ribeiro is bullish on the bill because it “regulates broader cryptocurrency operations such as trading, custody, fiat exchanges, and payments.” According to the deputy “bitcoin will be accepted as payment in Brazil once the bill is approved.”

During 2021, Brazil has shown its intentions to incorporate cryptocurrencies into its market, and one of the most significant was the request made by the head of the central bank, Roberto Campos Neto, on the modification of the legal regulations for adoption of cryptocurrencies.

M. Rodríguez

Source: es.cointelegraph.com

La entrada Brazil approves sanctions for money laundering with digital assets apareció primero en Bitfinance.