• Thai authorities are considering taking action against Facebook due to the growing threat of fraudulent crypto and investment adverts.
• Fraudulent Facebook adverts, including crypto scams, defrauded over 200,000 people in Thailand.
• The ministry has asked Facebook to remove more than 5,301 fraudulent ads but they haven’t taken any action yet.
Thai Authorities Contemplate Action Against Facebook
The Ministry of Digital Economy and Society (MDES) in Thailand is contemplating action against Facebook due to the growing threat of fraudulent crypto and investment adverts on the platform. The MDES stated that these fraudulent ads have already defrauded more than 200,000 people in the country with promises of up to 30% daily returns.
Fraudulent Ads Use Celebrity Photos
These fraudulent adverts also illegally used photographs of celebrities and noted figures from the financial industry as fake endorsements. Some of them even used the titles and symbols of the Thailand Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand to demonstrate credibility.
MDES Asks Facebook To Remove Ads
The ministry had asked Facebook to remove more than 5,301 fraudulent ads but they haven’t taken any action yet. If they fail to do so within seven days, MDES will pursue a court-issued shutdown order against them.
Public Advised To Be Wary Of Promises Of High Returns
MDES has warned the general public to be aware of exorbitant promised profits from such adverts featuring photographs of celebrities as well as being wary when interacting with businesses or platforms that lack verifiable credentials.
Thailand’s Cautious Attitude To Crypto
Thailands recent regulatory initiatives emphasize a cautious attitude towards cryptocurrencies due to its inherent volatility. The SEC has increased its efforts to protect investors against crypto scams through various regulations and policies.