Thailand’s Ministry of Digital Economy and Society (DES) has told Meta's (META) Facebook to curb the number of fraudulent crypto investment scams being advertised on the site, or risk being expelled from the country.
These fraudulent ads have affected more than 200,000 people, according to a statement published on the Ministry’s website. Chaiwut Thanakmanusorn, the Minister in charge of DES 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.
Over the course of three years, Facebook (now known as Meta) has gradually eased its restrictions on cryptocurrency and blockchain-related advertisements, CoinDesk has previously reported, broadening the criteria and accepted regulatory licenses for running such ads.
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 leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.