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Saturday, February 4, 2023

Facebook Owner Meta Sued for Publishing Scam Crypto Ads by Australian Regulator

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Facebook Owner Meta Sued for Publishing Scam Crypto Ads by Australian Regulator – Meta, formerly Facebook, has been sued by the Australian Competition and Consumer Commission for “posting fraud adverts featuring renowned Australian public figures.” “The essence of our argument is that Meta is liable for these adverts that it posts on its platform,” the regulator stated.

The Australian Competition and Consumer Commission (ACCC) announced on Friday that Meta Platforms Inc. (previously Facebook) and Meta Platforms Ireland Ltd have been sued.

The companies “engaged in false, misleading or deceptive behaviour by distributing scam adverts featuring famous Australian public figures” on Facebook, according to Australia’s competition authority.

Meta’s actions, according to the ACCC, “were in contravention of the Australian Consumer Law (ACL) or the Australian Securities and Investments Commission Act (ASIC Act).” 

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Also Read: Binance Explores Acquisition of Brazilian Securities Brokerage Firm

Additionally, the regulator stated:

“Meta is also accused of assisting or being knowingly involved in the advertisers’ deceptive or misleading conduct and claims.”

The adverts “offered investment in cryptocurrencies or money-making schemes,” according to the ACCC. They included well-known figures including “businessman Dick Smith, TV presenter David Koch, and former NSW Premier Mike Baird,” according to the ACCC, who added that Facebook users were made to assume the scams were legitimate.

Rod Sims, the chair of the ACCC, stated:

“The essence of our claim is that Meta is liable for the advertisements that it posts on its platform.”

Also Read: Instagram is Working on Bringing NFTs to the Platform in the ‘Near Term,’ Says Meta CEO Mark Zuckerberg

Facebook Owner Meta Sued for Publishing Scam Crypto Ads by Australian Regulator – Meta was aware of the bitcoin scam ads on Facebook, according to the competition regulator, but did not take adequate steps to solve the problem, despite receiving complaints from celebrities whose names and photographs were used without their agreement.

The Australian Competition and Consumer Commission (ACCC) is seeking “declarations, injunctions, penalties, fees, and other measures,” according to the regulator.

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