Thailand’s digital minister stated that if Facebook does not stop the alleged scams, he will seek a court order to shut down the social media platform there.
Thailand is stepping into the ring with Facebook, armed with a potent demand: clean up your platform or face the legal consequences. The Ministry of Digital Economy and Society (MDES) is wielding its influence to combat the avalanche of alleged investment and crypto scam ads flourishing on the social media giant’s terrain.
Scam Epidemic: A Growing Concern
On August 21st, the MDES shocked the online community by revealing that over 200,000 people had fallen for the seductive network of bogus Facebook adverts. These adverts promoted cryptocurrency frauds and duped naïve viewers into funding fictitious companies by creating the appearance of endorsements from prestigious government agencies like the Securities and Exchange Commission.
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These con artists used audacious and ingenious methods, capitalizing on well-liked topics in cryptocurrency trading and investment. The advertisements used the attraction of famous people and respected business leaders to entice viewers with the promise of astonishing daily returns of up to 30%, a siren call that misled many people.
Related: Thailand's New Crypto Regulations Target Lending Services
Facebook’s Ultimatum
Minister of MDES Chaiwut Thanakamanusorn stated that warnings and negotiations with Facebook’s parent company, Meta, had not resulted in the anticipated results. The ministry is left with no choice but to ask a court to obtain a closure order against Facebook due to the platform’s claimed failure to vet advertisers and stop the influx of bogus content.
The MDES has painstakingly gathered a startling total of more than 5,300 dishonest pieces as proof of the flood of fraudulent adverts. Their determination is evident: by the end of the month, they will be prepared to file a lawsuit requesting that Facebook be shut down in just seven days.
The MDES sends a stern warning to consumers as they traverse the perilous seas of internet investments. Be wary of sweeping guarantees of big returns, and exercise caution when faced with advertisements that make use of the notoriety of well-known people. The warning includes investments applying pressure with time-sensitive promotions and unreliable entities. Thailand is taking a position in the fight against deception to ensure that the internet is a safe haven for truthfulness and honesty.
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