Thailand's Ministry of Digital Economy and Society has issued a stern warning to Facebook, stating that legal action will be taken against the social media giant unless it actively addresses the proliferation of cryptocurrency-related scam ads on its platform.
Thailand Issues Facebook Ultimatum on Crypto-Related Scams
In a statement, the ministry announced its intention to take legal action against Facebook, alleging that the platform allows circulating deceptive ads promoting scams, including cryptocurrencies.
The ministry said in a statement that unless Facebook takes more proactive measures to combat these fraudulent ads, it will apply to a local court to request that Facebook cease operations in the country by the end of this month.
The ministry is reportedly collecting evidence of Facebook's involvement in these illegal activities to substantiate its claims and plans to bring it to court.
The scam tactics in question included scam ads focusing on digital currency and cryptocurrency trading, which supposedly entice victims with promises of substantial returns on their investments.
According to the ministry's statement, these deceptive advertisements reached a staggering number, affecting more than 200,000 victims.
The perpetrators of these scams often took advantage of the trust and attention generated by celebrity images, further trapping unsuspecting victims.
The Ministry of Digital Economy and Society has expressed concern that these tactics are being used in a malicious way to manipulate individuals to fall prey to fraudulent schemes.
*Not investment advice.