More than half of cryptocurrency-related ads on Facebook analysed by Australia’s consumer regulator were scams or violated Meta’s policies, a court has heard.
The Australian Competition and Consumer Commission (ACCC) took Meta to court over celebrity scam ads in 2022, alleging the company had engaged in false, misleading or deceptive conduct in publishing the ads, and aiding and abetting the false conduct by the advertisers.
In a ruling issued last week, it was revealed the ACCC has alleged that, since at least January 2018, “Meta has been aware that a significant proportion of cryptocurrency advertisements on the Facebook platform have used misleading or deceptive promotional practices”.
h/t Brigstocke