Thailand May Shut Down Facebook Over Alleged Cryptocurrency Scams

Author: JESSE COGHLAN, COINTELEGRAPH; Compiler: Songxue, Jinse Finance

Thailand is planning to seek a court order to shut down Facebook unless it takes steps to address alleged investment and cryptocurrency scam ads on its platform.

On Aug. 21, the Ministry of Digital Economy and Society (MDES) said more than 200,000 people were duped by Facebook ads promoting cryptocurrency scams, investing in fake businesses, and fake government agencies such as the SEC.

Common tactics used by scammers include cryptocurrency investment and trading scams, MDES claims. Some of the ads also allegedly used images of celebrities and well-known financial figures and promised daily returns of up to 30 percent to lure people into the schemes.

MDES Minister Chaiwut Thanakamanusorn said the ministry had negotiated with the Meta-owned platform on the issue and sent a letter to the platform, alleging that the platform failed to screen advertisers.

The ministry is currently collecting evidence of the scam ads, which it says number more than 5,300, and is preparing to ask the court to shut down Facebook within seven days by the end of this month.

The ministry issued a warning on how such scams typically operate, saying ** consumers should be wary of advertisements that promise high sums of money with guaranteed returns, and that use images of well-known people. **

Care should also be taken with regard to investments that pressure or incentivize quick moves with limited offers, and businesses or platforms with no verifiable information

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