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<div class="cryptonews"> 
 <p class="is-style-lead">Thailand has warned Facebook of a potential <a rel="noopener noreferrer nofollow" title="shutdown" href="https://thebittimes.com/tag/shutdown.html">shutdown</a> due to the rise in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="scams" href="https://thebittimes.com/tag/scams.html">scams</a> and misleading ads on the platform.</p> 
 <p>The Minister of Digital Economy and Society (DES), Mr. Chaiwut Thanakmanusorn, is taking action against fraudulent activities on Facebook. The DES plans to present its findings in Thai court, advocating for the platform’s <a rel="noopener noreferrer nofollow" title="shutdown" href="https://thebittimes.com/tag/shutdown.html">shutdown</a> unless prompt corrective actions are made.</p> 
 <p>The ministry revealed that over 200,000 individuals have been duped by <a rel="noopener noreferrer nofollow" title="scams" href="https://thebittimes.com/tag/scams.html">scams</a> on Facebook’s advertising network. These <a rel="noopener noreferrer nofollow" title="scams" href="https://thebittimes.com/tag/scams.html">scams</a> include fake <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency investments and counterfeit enterprises, often featuring endorsements from celebrities to mislead the public.</p> 
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 <h2 class="wp-block-heading" id="strong-meta-s-inaction-draws-criticism-strong"><strong>Meta’s inaction draws criticism</strong></h2> 
 <p>Despite ongoing dialogue with Facebook’s parent company, Meta, Minister Chaiwut has criticized the platform for not effectively curbing misleading ads. He claims Facebook’s lax oversight has led to a financial loss of roughly 100,000 million baht for Thai residents.</p> 
 <p>The DES has collected evidence of over 5,300 fraudulent ads and intends to present the case in court soon, pushing for Facebook’s immediate suspension.</p> 
 <p>The government agency advises the public to be cautious of ads featuring celebrities promising huge returns and to be skeptical of unsubstantiated claims and high-pressure sales tactics.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Thailand SEC to implement tighter regulations for crypto 
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Thailand threatens Facebook shutdown over crypto scams

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