Australian regulators say 58% of cryptocurrency ads on Facebook are scams

2024-08-15 10:30:24

Collection

ChainCatcher news reports that Australia's competition regulator cites a report stating that over half of the cryptocurrency ads on Facebook are either scams or violate Meta's policies.

The Australian Competition and Consumer Commission (ACCC) stated that 600 ads were identified during the investigation. Currently, the agency is focusing on 234 ads and claims that other celebrity scam cases may be discovered after the investigation process concludes. The regulator noted, "At least since January 2018, Meta has been aware that a significant portion of cryptocurrency ads on the Facebook platform use misleading or deceptive promotional practices."

The ACCC stated, "Advertisers must agree to certain contractual terms, which include compliance with Meta's advertising policies. These policies prohibit the publication of ads that use deceptive or misleading practices."

It is alleged that although Meta removes individual ads after receiving complaints and sometimes bans related accounts, it continues to display similar ads featuring the same celebrity or other public figures and profits from them.

(Source Link)

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.