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Thailand contemplates action against Facebook over crypto scams

The authorities in Thailand were contemplating action against Facebook, Meta’s social media platform, due to the growing threat of crypto scams and other investment frauds. According to Thailand’s Ministry of Digital Economy and Society (MDES), fraudulent Facebook adverts, including crypto and investments scams, defrauded more than 200,000 people in the country. These fraudulent adverts promised daily returns of up to 30%. Some adverts even used the titles and symbols of the Thailand Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand to demonstrate credibility. MDES has warned the general public to be aware of exorbitant, promised profits.

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