Thailand Pressures Facebook Over Crypto Scams and Deceptive Ads

Thailand’s digital minister has issued a stern warning, indicating the possibility of legal action to shut down Facebook in the country unless the social media giant takes decisive measures to combat the rising tide of alleged fraudulent investment schemes and cryptocurrency scam ads proliferating on its platform.

As of August 21, the Ministry of Digital Economy and Society disclosed that over 200,000 individuals had fallen victim to deceptive advertisements on Facebook. These ads promoted various cryptocurrency scams, counterfeit investment opportunities, and even impersonated government agencies, masquerading as the Securities and Exchange Commission.

The tactics employed by these fraudulent advertisers ranged from phoney cryptocurrency investment schemes to dubious trading ploys. Shockingly, some of these ads exploited the allure of celebrities and prominent financial figures, promising unsuspecting individuals daily returns of up to 30%, ultimately ensnaring them in their schemes.

Minister of Digital Economy and Society, Chaiwut Thanakamanusorn, conveyed their ongoing discussions with Facebook, a platform owned by Meta. The ministry also sent letters addressing the issue; however, there is growing concern that Facebook’s measures to vet its advertisers remain insufficient.

At present, the ministry is diligently gathering evidence related to these deceptive advertisements, with their numbers estimated to exceed 5,300. If swift corrective actions are not taken, the ministry is prepared to seek a court order compelling Facebook to cease its operations within seven days.

In response to this escalating issue, the Ministry has issued a public advisory, urging consumers to exercise caution when encountering advertisements that promise exceptional, guaranteed returns or those that exploit the images of well-known public figures.
Notably, this is not the first time Facebook has faced legal action related to deceptive advertisements. In March 2022, the Australian Competition and Consumer Commission filed a lawsuit against Facebook, alleging false, misleading, or deceptive conduct for publishing crypto scam ads linked to prominent Australian celebrities.