• Thailand’s Ministry of Digital Economy and Society has threatened to seek a court order to shut down Facebook in the country if it doesn’t take action against alleged crypto scams and other fraudulent ads.
• The ministry accuses Facebook of failing to screen advertisers, claiming that over 200,000 people have been duped by scam ads on the platform.
• The ministry is currently gathering evidence of scam ads to bring before a court at the end of August in an effort to shut Facebook down within seven days.
Thailand Threatens Court Action Against Facebook
Thailand’s Ministry of Digital Economy and Society (MDES) has threatened to seek a court-issued shutdown order against Facebook unless it takes steps to deal with alleged investment and crypto scam ads on its platform.
Allegations Against Facebook
The MDES alleges that over 200,000 people have been duped by Facebook ads touting crypto scams, investing in fake businesses and faked government agencies such as the Securities and Exchange Commission. Some popular tactics used by scammers include crypto investment and trading scams, according to MDES Minister Chaiwut Thanakamanusorn. Ads using images of celebrities or well-known financial figures along with promises of up to 30% daily returns are also being used to lure people into these schemes.
The ministry is currently gathering evidence of these scam ads which they say number over 5,300. At the end of August, they plan to ask a court for an order shutting down Facebook within seven days if their demands are not met.
Warning for Consumers
The ministry warned consumers about these scams, advising them to be wary of promises of high and guaranteed returns along with any ad using images of well-known figures. Investments pressuring or incentivizing quick investments with limited offers should also be approached with caution as well as businesses or platforms without verifiable information.
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