- Thailand gives Facebook an ultimatum before it shuts down the platform in the country.
- Facebook allegedly ignored Thailand’s requests to remove fraudulent ads and scam accounts from its site.
- Thailand is set to get a court order against Facebook in order to put a stop to the rampant scam cases in the country.
As crypto scams skyrocket in Thailand, the digital minister for the country threatens to seek a court motion to shut down Facebook unless the application pays more attention to the alleged fraudulent crimes and crypto scams.
Thailand plans to seek a court-issued motion to shut down Facebook if the platform does not comply with their demands of dealing with alleged investments and crypto scam ads that have become rampant on the platform.
The Ministry of Digital Economy and Society reported on August 21 that over 200,000 of its citizens had been duped by Facebook ads that advertised crypto scams and encouraged people to invest in fake businesses and faked government agencies like the SEC.
The Ministry of Digital Economy and Society for Thailand reported that one of the most common methods used by scammers was the use of trading and crypto investment scams. Many ads used pictures of well-known celebrities and famous financial figures alongside promises of a daily gain of 30% to pull in people to invest in the scam.
The Minister for the Ministry of Digital Economy and Society, Chaiwut Thanakamanusorn, said the ministry had consistently kept in touch with Facebook over the rampant scams. Still, Facebook had allegedly not attempted to fix the issue, hence the threat of a total shutdown.
The MDES is gathering evidence regarding the fraudulent ads and is said to have a record of around 5,300. Thailand has given Facebook an ultimatum till the end of the month. If moves are not made, the country is ready to shut down Facebook.
The ministry also added warnings on how the scams found on Facebook operate and cautioned consumers to be careful of investments that promise high and guaranteed returns with ads of well-known figures as the main image for promotion.
The ministry added that any investment that promises high returns so quickly with an offer limit should be approached carefully, including businesses with no information that could be traced and verified.
Meta has not made a statement on the news even after receiving contact from Cointelegraph.
Many scam activities take place on social media platforms like Facebook and Twitter as more people are willing to try out these scam ads because of the promised returns of the celebrities of well-known financial persons used to promote the investment or fraudulent products. While Thailand shutting down Facebook will reduce the chances of its citizens falling for these scams, the scammers may find other platforms to exploit citizens and individuals who are seeking to earn quick profits or be involved in big investments.