Australian supervisory authority is suing Meta for fraudulent crypto advertising
Australian supervisory authority is suing Meta for fraudulent crypto advertising
- Facebook mother Meta is sued by Australia's top competition authority because of claims that the platform has published “fraudulent” crypto advertising
- The ACCC also claims that Meta was aware of ongoing activities, but had failed to take "sufficient steps" to stop them
Australia's top competitive guard has initiated a legal proceedings against the Facebook mother company Meta for allegations that it participated in "false, misleading or misleading behavior" by publishing "fraudulent" crypto ads on its platform.
The Australian Competition and Consumer Commission (ACCC) said the behavior of "Prominent Australian Personalities of public life were hosted who advertise crypto, violated the Australian consumer law.
"It is said that Meta knew that the cryptocurrency fraud ads were reported by celebrities on Facebook, but did not take sufficient steps to tackle the problem," said the regulatory authority.
The story of Facebook with advertisements related to crypto became changeable from 2018 when the platform banned advertising for most materials in connection with crypto and blockchain business. The platform later revised its decision to only record initial coin offers.
according to the conditions of the platform Written permission is necessary, so that companies trade, software, software And can promote associated services and products that enable monetization, resale, exchange or staking of crypto.
In view of the advertising restrictions, the regulatory authority claims that Meta "supports and favored" or "knowingly affected" was of incorrect or misleading behavior and representations of the advertisers.
The Watchdog said that the ads would make Facebook users believe that the schemes are connected to the ads with well-known people such as the businessman Dick Smith and the television presenter David Koch.
Ads on the platform contained links that forwarded users to false media articles, which contained quotes that were associated with well-known Australian personalities of public life, which promoted certain crypto fraud, said the regulatory authority.
In February, the Australian billionaire Andrew "Twiggy" Forrest submitted criminal proceedings against the Meta platform and claimed that she had failed to take preventive measures against false crypto advertising that his image uses to advertise them.
The plans were indeed fraud and the well -known personalities that were shown in the advertisements had actually never been approved or supported, said the supervisory authority.
"The essentials in our case is that Meta is responsible for these ads that it publishes on its platform," said ACCC chairwoman Rod Sims.
"It is an important part of Meta's business to enable advertisers to use Facebook algorithms to address users who are most likely to click on the link in an advertisement to visit the target page of the display. "
Sims added that these visits to Landing Pages of advertisements "generated significant income" for Facebook.
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The contribution Australian supervisory authority sues Meta for "fraud" crypto ads is not a financial advice.
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