Thailand’s Ministry of Digital Economy and Society (DES) has warned Meta’s (META) Facebook to reduce the volume of fraudulent cryptocurrency investment scams being marketed on the platform or risk being ejected from the nation.According to a statement posted on the Ministry’s website, more than 200,000 people have been impacted by these fake adverts.The DES Minister, Chaiwut Thanakmanusorn, has asked a Thai court to draft an order that would shut down Facebook by the end of the month if the social media site disobeys.
According to prior reports, Facebook (formerly known as Meta) has steadily loosened its prohibitions on blockchain- and cryptocurrency-related advertising by extending the requirements and accepting regulatory licenses.The company was accused of engaging in false, misleading, or deceptive behavior by publishing fraudulent cryptocurrency adverts linked to well-known Australian celebrities, and the Australian Competition and Consumer Commission filed a lawsuit against them in March 2022.