Thailand Threatens Facebook Shutdown Over Crypto Scam Ads

Thailand intends to pursue a court-issued shutdown order against Facebook if it does not take action against alleged investment and cryptocurrency scam advertisements on its platform.

On August 21, the Ministry of Digital Economy and Society reported that more than 200,000 people had been duped by Facebook advertisements promoting crypto scams, investing in phony businesses, and impersonating government agencies like the Securities and Exchange Commission.

MDES asserts that common hoaxes employed by fraudsters include crypto investment and trading schemes.

Some advertisements allegedly used images of celebrities and well-known financial figures, along with the promise of daily returns of up to 30%, to entice individuals to participate in the schemes.

Chaiwut Thanakamanusorn, minister of the Ministry of Digital Economy and Society, stated that the ministry had communicated with and sent a letter to the Meta-owned platform regarding the issue, but claimed that it fails to screen advertisers.

Chaiwut Thanakamanusorn at an Aug. 21 press conference regarding the ministry’s planned court action against Facebook. Source: MDES

The ministry is presently compiling evidence of over 5,300 alleged fraudulent advertisements. At the end of the month, it will be prepared to request that Facebook be taken down within seven days.

The ministry issued a warning regarding the typical operation of such schemes, stating that consumers should be wary of advertisements promising high and guaranteed returns and featuring images of well-known figures.

Investments that pressure or incentivize investors to invest rapidly with limited offers, as well as businesses or platforms with no information, should be approached with caution.