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Another lawsuit against Meta for dodgy crypto ads on its platform: ACCC

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Australian Competition and Consumer Commission (ACCC) confirmed the lawsuit against dodgy crypto advertisements on  Facebook. 

Meta is a giant social media platform, which is currently holding Facebook, Instagram, WhatsApp as a leading social media platform in its hand. In the past, Meta faced some lawsuit action because of some illegal crypto-related advertisements, which was a mistake of Meta because of its less potential to filter out illegal/unfair crypto ads. 

Earlier today, the Australian Competition and Consumer Commission (ACCC) released its announcement on the lawsuit against Meta. 

Consumer agency claimed that Facebook was engaged to show shady & misleading crypto-related advertisements, which were associated with some prominent Aussie personalities.

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“engaged in false, misleading or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures.”

Consumer agencies tried to claim that such dodgy crypto-related advertisements on Facebook were showing prominent figures from Australia like businessman Dick Smith, television presenter David Koch, and former NSW Premier Mike Baird were involved in crypto projects. 

ACCC also allegedly claimed that Facebook also promoted and supported such types of advertisements to promote “false or misleading conduct and representations by the advertisers.”

Rod Sims, chairman at ACCC, commented on this action against Meta and said that for all such illegal activities Meta is responsible.

“In one shocking instance, we are aware of a consumer who lost more than 650,000 AUD (the US $480,000) due to one of these scams being falsely advertised as an investment opportunity on Facebook. This is disgraceful.”

On this thing, Cardano founder Charles Hoskinson also responded. 

In response, a Twitter user claimed that Cardano founder seems tension free if in any case, the Cardano project will go through the same situation. Then in response, Charles explained that Cardano is a decentralized and open platform, not centralized like Facebook or Google, which also makes money from bad actors’ involvement.

Read also: Ontario watchdog says Binance continuously giving services despite not being regulated

Another lawsuit against Meta for dodgy crypto ads on its platform: ACCC


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