Thailand’s Ministry of Digital Economy and Society (DES) has issued a stern warning to Facebook (now known as Meta) to take action against the numerous fraudulent crypto investment scams being advertised on the site, or face being expelled from the country. According to a statement released by the Ministry, over 200,000 people have been affected by these scams. Minister Chaiwut Thanakmanusorn has asked a Thai court to prepare an order that would shut down Facebook by the end of the month if the platform doesn’t comply.
Facebook has gradually eased its restrictions on cryptocurrency and blockchain-related advertisements, according to CoinDesk. However, in March 2022, the company was sued by the Australian Competition and Consumer Commission for allegedly engaging in false, misleading, or deceptive conduct by publishing scam crypto ads linked to prominent Australian celebrities.
The Ministry of Digital Economy and Society is now demanding that Facebook take action to prevent further scams and protect its users.