Share this article
BTC
$80,108.88
+
3.10%ETH
$1,588.20
+
2.85%USDT
$0.9997
+
0.02%XRP
$1.9166
+
4.74%BNB
$562.10
+
2.22%USDC
$1.0001
-
0.01%SOL
$111.48
+
7.86%DOGE
$0.1520
+
6.88%TRX
$0.2324
+
2.66%ADA
$0.5978
+
7.27%LEO
$8.9737
+
0.52%TON
$3.1361
+
8.38%LINK
$11.71
+
7.00%XLM
$0.2351
+
9.55%AVAX
$17.24
+
9.39%SHIB
$0.0₄1159
+
4.64%SUI
$2.0799
+
12.00%HBAR
$0.1550
+
14.43%OM
$6.3379
+
6.83%BCH
$280.44
+
5.30%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Thailand Warns Meta to Rein In Crypto Scams or Face Expulsion
A Thai lawmaker is seeking a court order to shut down Facebook in the country by the end of the month, accusing the platform of supporting fraudulent investment schemes.
Thailand’s Ministry of Digital Economy and Society (DES) has told Meta's (META) Facebook to curb the number of fraudulent crypto investment scams being advertised on the site, or risk being expelled from the country.
These fraudulent ads have affected more than 200,000 people, according to a statement published on the Ministry’s website. Chaiwut Thanakmanusorn, the Minister in charge of DES has asked a Thai court to prepare an order that would shut down Facebook by the end of the month if the platform doesn’t comply.
STORY CONTINUES BELOW
Over the course of three years, Facebook (now known as Meta) has gradually eased its restrictions on cryptocurrency and blockchain-related advertisements, CoinDesk has previously reported, broadening the criteria and accepted regulatory licenses for running such ads.
In March 2022, the company was sued by the Australian Competition and Consumer Commission for allegedly engaging in false, misleading, or deceptive conduct by publishing scam crypto ads linked to prominent Australian celebrities.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
