A Major Regulator Is Concerned About Facebook’s Crypto Practices

<p>The social media behemoth is facing serious allegations about its cryptocurrency practises.</p> <p>Facebook has once again found itself at the centre of a controversy.</p> <p>It's as if the social media behemoth, which changed its name to Meta Platforms (FB) - Get Meta Platforms Inc. Class A Report last October, was struggling to manage its practises.</p> <p>The Australian Competition and Consumer Commission (ACCC) has decided to sue Meta for allegedly "aiding and abetting" celebrity scam advertisements on Facebook, which have cost some Australians hundreds of thousands of dollars."</p> <p>In a press release, the regulator claimed that Meta "engaged in false, misleading, or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures."</p> <p>The ACCC claims that this behaviour violated the Australian Consumer Law (ACL) and the Australian Securities and Investments Commission Act (ASIC Act).</p> <p>False Advertisements Associated with Celebrities</p> <p>It is also claimed that Meta aided and abetted or was knowingly involved in the advertisers' false or misleading conduct and representations.</p> <p>"The ads, which promoted cryptocurrency investment or money-making schemes, were likely to mislead Facebook users into believing the advertised schemes were associated with well-known people featured in the ads, such as businessman Dick Smith, TV presenter David Koch, and former NSW Premier Mike Baird," the ACCC said.</p> <p>Including: "The schemes were actually scams, and the people featured in the advertisements had never approved or endorsed them"</p> <p>The ads, according to the regulator, contained links that directed Facebook users to a fake media article that included quotes attributed to the public figure featured in the ad endorsing a cryptocurrency or money-making scheme.</p> <p>"Users were then invited to sign up and were contacted by scammers who used high-pressure tactics, such as repeated phone calls, to convince users to deposit funds into the bogus sch