Facebook Owner Meta Sued for Publishing Scam Crypto Ads by Australian Regulator– Regulation Bitcoin News

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The Australian Competition and Consumer Commission has actually submitted a suit versus Meta, previously Facebook, for “publishing scam advertisements featuring prominent Australian public figures.” The regulator stated, “The essence of our case is that Meta is responsible for these ads that it publishes on its platform.”

Meta Sued for Publishing Cryptocurrency Scam Ads

The Australian Competition & Consumer Commission (ACCC) revealed Friday that it has actually taken legal action versusMeta Platforms Inc (previously Facebook) and Meta Platforms Ireland Ltd.

Australia’s competitors regulator declares that the business “engaged in false, misleading or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures” on Facebook.

The ACCC declares Meta’s conduct “was in breach of the Australian Consumer Law (ACL) or the Australian Securities and Investments Commission Act (ASIC Act).” In addition, the regulator kept in mind:

It is likewise declared that Meta helped and abetted or was purposefully worried in deceptive or incorrect conduct and representations by the marketers.

The ACCC described that the advertisements “promoted investment in cryptocurrency or money-making schemes.” They included popular individuals, such as “businessman Dick Smith, TV presenter David Koch and former NSW Premier Mike Baird,” the ACCC kept in mind, including that Facebook users were led to think these frauds were really related to these celebs.

ACCC Chair Rod Sims stated:

The essence of our case is that Meta is accountable for these advertisements that it releases on its platform.

The competitors regulator stated Meta knew the cryptocurrency rip-off advertisements on Facebook however did not take enough actions to deal with the problem even after the business got grievances from the celebs whose images and names were utilized without permission.

The ACCC is looking for “declarations, injunctions, penalties, costs and other orders,” the regulator detailed.

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