Palo Alto The Australian Competition and Consumer Commission (ACCC) has launched legal proceedings against Facebook owner Meta. As the authority announced on Friday, the social media company in Australia is alleged to have made false or misleading advertising for cryptocurrencies.
Facebook has posted ads with prominent Australian personalities promoting investments in cryptocurrencies, which the regulator says is considered fraud. “The allegation is that Meta knew that the cryptocurrency fraud advertisement was being displayed on Facebook with prominent support, but did not take sufficient steps to resolve the issue,” the ACCC said.
The regulator said Facebook users had been redirected to a fake media article that contained quotes from public figures and urged readers to sign up. The users were then forced by fraudsters to deposit money into fake systems.