Thailand’s digital minister, Chaiwut Thanakamanusorn, has issued a solemn warning to Facebook de Meta, hinting at the social media giant’s closure in Thailand by the end of the month if it fails to stamp out crypto-related scams.
Crypto scams drive Facebook out of Thailand
While technological evolution brings benefits, it can also cause remorse among the less savvy. Indeed, scammers are taking advantage of social networking platforms by broadcasting fake crypto-related ads.
Often the platform of choice for scammers, Thailand is fed up with this situation and has decided to take action by threatening Facebook. The aim? To force the giant to take steps to put an end to this trend.
In a press release published on August 21, the Thai Ministry of Digital announced its intends to take legal action against Meta, Facebook’s parent company, over allegedly fraudulent cryptocurrency-related ads on the platform.
However, these lawsuits could be avoided if the social media giant takes drastic measures to solve the problem.
In this release, Chaiwut Thanakamanusorn, head of the Ministry for the Digital Economy and Society (DES) indicated that they are in the process of gathering evidence about individuals who have broken the rules on the network.
The goal is to present this evidence in court to obtain an order to shut down Facebook by the end of the month.. If approved, the platform would then have 7 days to comply with the decision.
Billions lost on Facebook in Thailand, scam tactics exposed
The Minister said that he had taken this decision because, despite attempts at dialogue with Facebook, unverified ads persisted, resulting in significant losses.
Scammers often resort to a well-known tactic: using celebrity images to attract the attention and trust of victims.
This strategy has had serious consequences, as the Ministry points out. Out of the 300,000 cases of fraud recorded, nearly 95%, or around 200,000 people, were affectedresulting in financial damage amounting to over 10 billion baht.
These scams seduce their victims with promises of high profits under the guise of investments, with some focusing on the exchange of digital coins or cryptocurrencies. However, the future of Facebook in Thailand will depend on its ability to negotiate with the authorities and meet their demands.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
