Australia sues Facebook over fraudulent cryptocurrency ads

“The crux of our case is that Meta is responsible for displaying these ads on its platform. The chair of the panel, Rod Sims, said that Meta was aware that deceptive cryptocurrency ads were being shown on Facebook, but had not taken sufficient action to address the issue.

Sims also noted that Meta uses its technology and algorithms to target specific users who are likely to fall into the trap of fraudulent ads. “Meta should do more to detect and then remove false or misleading ads to prevent consumers from falling victim to ruthless scammers.”

In response, a Meta spokesperson in Sydney said they would review the ACCC’s application and intend to defend themselves in the proceedings. “We don’t want ads that seek to scam people in order to get money or scam people through Facebook; they violate our policies and don’t serve our community.”

The lawsuit did not specify the economic effects the case could have on Mark Zuckerberg’s company, but indicated that they are seeking “injunctions, penalties and other orders” for the platform to make significant changes around the issue.

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