Thailand Threatens to Sever Facebook Operations Over Crypto Scam Ads

The Thai Ministry of Digital Economy and Society (MDES) has warned Facebook that it may seek a criminal court order to cut off its operations in Thailand due to the prevalence of cryptocurrency scam ads on the platform. The ministry has requested Facebook to block over 5,301 fraudulent ads and fake pages. MDES plans to use Thailand’s computer crime laws to press charges against Facebook and the scammers. The ministry has accused Facebook of failing to screen fake crypto adverts. Minister Chaiwut Thanakamanusorn stated that if Facebook wants to do business in Thailand, it must take responsibility for protecting Thai society.

Key Points:

MDES has warned Facebook of seeking a criminal court order to sever its operations in Thailand.
Facebook has been requested to block over 5,301 fraudulent ads and fake pages.
Thailand plans to use computer crime laws to press charges against Facebook and scammers.
The ministry blames Facebook for failing to screen fake crypto adverts.
Facebook is accused of not showing responsibility towards Thai society.

Despite Meta-owned social media platforms like Facebook using artificial intelligence to detect and delete scam ads, the number of scammers has continued to grow. According to the Federal Trade Commission, investors lost over $700 million to crypto scams on Facebook and Instagram in 2021. The rise in ad scams involving public figures has led to countries like Australia suing Meta. The Thai ministry has also warned citizens about the types of scams commonly found on Facebook, including promises of high returns, claims of investments from celebrities, and time-limited special privileges to pressure users into quick investment decisions.

Hot Take:

This warning from Thai authorities highlights the increasing concerns over cryptocurrency scam ads on social media platforms. While platforms like Facebook are taking steps to address the issue, the persistent growth of scammers indicates the need for stronger measures. It is essential for social media giants to prioritize user protection and actively cooperate with authorities to combat fraudulent activities in the crypto space.