As a direct response to the growing number of fraudulent cryptocurrency investment scams that are flourishing on Facebook’s platform, Thailand’s Ministry of Digital Economy and Society (DES) has issued a severe ultimatum to Meta, the parent company of Facebook.
The ultimatum demands that Meta remove all of the fraudulent cryptocurrency investment scams immediately. The Ministry of Foreign Affairs has explicitly stated that Meta can avoid severe repercussions. That including expulsion from the nation, by promptly and decisively taking action to cease the spread of these deceptive advertisements.
An official notice published on the Ministry’s website states that the deceptive advertisements have caused a substantial and widespread negative impact, affecting an astonishing number of over 200,000 individuals.
In order to address this problem head-on, Chaiwut Thanakmanusorn, who is now serving as the Minister in Charge of the DES, has adopted a proactive strategy. He has begun the process of requesting an injunction from a Thai court, a step that, if implemented, could lead to the forced closure of Facebook (Meta) inside the nation’s borders by the end of this month, should Meta fail to comply with the ministry’s directions.
Enacting this measure could potentially result in the closure of Facebook (Meta) within the nation’s borders by the end of this month.
The website, which was formerly known as Facebook but is now running under the name Meta, has made a significant adjustment over the course of the past three years by gradually loosening its restrictions on ads relating to cryptocurrencies and blockchain technology.
As CoinDesk noted in a previous article, this new policy has resulted in an expansion of the eligibility requirements for these types of advertisements, as well as a readiness to accept regulatory permits that make it possible to display these types of advertisements.
The Australian Competition and Consumer Commission threatened to take legal action against the corporation in March of 2022, further adding to the already complicated nature of the case.
By enabling the posting of fake crypto-related adverts linked to well-known Australian celebrities, the group claimed that Meta was responsible for facilitating the circulation of material that was dishonest, misleading, or otherwise untrue.