Australia’s competition watchdog cited preliminary research that found more than half of the crypto ads on the platform breach Meta’s policies or involve scams.
Over half of crypto ads on Facebook are either scams or violate Meta’s policies, according to Australia’s competition watchdog — citing preliminary research.
In 2022, the Australian Competition and Consumer Commission (ACCC) took Facebook parent company Meta to court over allegations the company had “aided and abetted” celebrity crypto scam ads on Facebook. A hearing date has yet to be set.
In the latest filing to federal court, the ACCC claims that during its preliminary analysis of crypto advertisements on the platform, upward of 58% of those reviewed violated “Meta's Advertising Policies or, potentially, involved scams.”
