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  • Writer's pictureJamal Saafir

Thailand May Be Giving Facebook The Boot

According to a report from Cointelegraph, Thailand is preparing to pursue a court-ordered shutdown of Facebook unless it makes an effort to address fraudulent crypto and investment ads on its platform.

On August 21st, the Ministry of Digital Economy and Society (MDES) stated over 200,000 users had been deceived by Facebook ads that promoted crypto scams, investing in fraudulent businesses, and fraudulent government agencies such as the Securities and Exchange Commission.

The fraudsters took advantage of unsuspecting victims through crypto investment and trading scams, according to the MDES. Allegedly ads used images of celebrities and familiar financial figures along with promises of up to 30% daily return on investment to entice people to take part in the schemes.

MDES Minister Chaiwut Thanakamanusorn said the ministry had been in discussions with and sent a letter to the Meta-owned platform regarding the issue but declared it's failing to vet advertisers.

At present, the ministry is gathering proof of the scam ads which it said enumerated over 5,300 — at the end of the month, it’s prepared to request the court shut down Facebook within seven days.

The ministry cautioned how such scams typically work, saying consumers should be careful of promises of high and guaranteed returns along with ads using images of well-known figures.

Investments that pressure or provide incentives to hurriedly invest with limited offers should also be approached with caution as well as businesses or platforms with no verifiable information.

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