Thailand Could Shut Down Facebook for Promoting Crypto Scam Ads

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Thailand Could Shut Down Facebook for Promoting Crypto Scam Ads
  • The Ministry of Thailand announced its decision to move against Facebook concerning its security issues.
  • Facebook has reportedly received advertisement fees from scammers who misled more than 200,000 individuals to invest in fake businesses.
  • Minister Chaiwut Thanakmanusorn stated that Facebook needs to take immediate action if it wishes to continue its services in Thailand.

The government of Thailand has reportedly taken the initiative to request the court for a legal closure of Mark Zuckerberg’s social media platform Facebook in the country, concerning the platform’s alleged involvement in fake investment scam advertisements. In a meeting conducted on August 21, Chaiwut Thanakmanusorn, Minister of Digital Economy and Society (MDES), and the other leading members of the ministry addressed the security issues posed by the platform as it allegedly misled more than 200,000 people via fake crypto scams.

As per the report, Facebook has been partially responsible for manipulating the public to invest in fake businesses and government agencies.  The platform purportedly received advertisement fees from those scammers who exploited the community through crypto trading scams that promised daily returns of up to 30%. The exploiters also used pictures and photographs of popular personalities to attract the community. Pointing out that the total loss is as big as 10 billion Thai Baht, Minister Chaiwut added,

Thai authorities have raised the issue with Facebook many times, asking it to screen for fake advertisements on its platform. It has, however, failed to help us in tackling the scams.

Considering the immediacy of the matter, the ministry is probing into the evidence of the scam advertisements. According to the report, the advertisements in question are estimated to be more than 5,300.

During the press brief, the ministry highlighted their decision to move forward with the plan to seek the help of the court to shut down Facebook in seven days, if the platform doesn’t intend to resolve the issue. Minister Chaiwut stated, “If Facebook wishes to continue doing business in Thailand, it must take more responsibility in this matter.”

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