Express
Australia Regulator Sues Meta Over "False" Cryptocurrency Ads
Summary: According to Reuters, Australian competition watchdog has begun proceedings against Facebook owner Meta Platforms Inc (FB.O), alleging the social media company engaged in false or misleading cryptocurrency advertisements in the country. Meta published ads featuring "prominent Australian public figures" promoting cryptocurrency investment or money-making schemes, which according to the regulator were "scams" that were likely ...
According to Reuters, Australian competition watchdog has begun proceedings against Facebook owner Meta Platforms Inc (FB.O), alleging the social media company engaged in false or misleading cryptocurrency advertisements in the country. Meta published ads featuring "prominent Australian public figures" promoting cryptocurrency investment or money-making schemes, which according to the regulator were "scams" that were likely to have misled users into believing them.
"It is alleged that Meta was aware that the celebrity endorsement cryptocurrency scam ads were being displayed on Facebook but did not take sufficient steps to address the issue," the Australian Competition & Consumer Commission (ACCC)said.
"We allege that the technology of Meta enabled these ads to be targeted to users most likely to engage with the ads," ACCC Chair Rod Sims said. "Meta assured its users it would detect and prevent spam and promote safety on Facebook, but it failed to prevent the publication of other similar celebrity endorsement cryptocurrency scam ads."
By Amy Liu
Tags: Ads,Australia,Cryptocurrency,Meta,Regulator
Link: Australia Regulator Sues Meta Over "False" Cryptocurrency Ads [Copy]
