Australian Watchdog investigation against Meta’ fraudulent crypto ads

An Australian agency started its investigation against Meta allegedly to run unfair and Ponzi schemes-based crypto-related advertisements. 

Since the beginning of this crypto industry, the majority of the advertisement network showed their negative response against crypto-related advertisements because of the involvement of illegal and bad actors in the crypto Industry. And also in the past, we saw many high return investment-based Ponzi schemes, especially from 2015 to 2018, where we saw how the Market faced a big correction with the ending of the ICOs Era. Facebook (which is now rebranded into Meta) and Google-like giant companies directly announced that they will not allow any kind of crypto-related advertisement but later they changed their decisions and imposed many types of restrictions for the crypto-related ads, to give a better experience to the clients. 

Just a few days ago, Andrew “Twiggy” Forrest, billionaire businessman, reportedly planned to file a case against giant social media platform Facebook’s parent company Meta. According to this businessman, Facebook allowed many crypto-related Ponzi advertisements, which were involving his name to mislead people.

Now the latest report confirmed that Australia’s consumer and competition (ACCC) is now taking action against Meta, the parent company of Facebook, for its long-running series of Ponzi crypto advertisements. 

ACCC officials claimed that the crypto-related advertisement rules of Meta allows the scammers to break the Australian consumer law to facilitate high-level scams to defraud people with hundreds of thousands of dollars easily. 

On 3 Feb, Rod Sims, Chairman at ACCC, stated on this matter of current  investigation and claimed that the case of Forrest is much correlated with the investigation of the agency but this investigation is outside of the questions and case by Forrest and ACCC. 

ACCC will figure out whether Meta did anything regarding these concerns, which are violating the Australian consumer laws, or not. 

“Like Dr. Forrest, we consider that Meta should be doing more to detect, prevent and remove false or misleading advertisements from the Facebook platform so that consumers are not misled and scammers are prevented from reaching potential victims.”

On the other side, Forrest claimed that Meta made many mistakes against rules and regulations. According to him, Meta is not only responsible for violations of money laundering but also behaved in a “criminally reckless” manner.

Read also: Washington official aims to stop IRS to tax on crypto Transactions below $200