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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