BlockBeats news, on August 15, Cointelegraph reported that according to preliminary research conducted by the Australian Competition and Consumer Commission (ACCC), more than half of Facebook's cryptocurrency ads are either scams or violate Meta's policies.
In 2022, the Australian Competition and Consumer Commission filed a lawsuit against Facebook's parent company Meta, accusing the company of "aiding and abetting" celebrity cryptocurrency scam ads on Facebook. The trial date has not yet been set.
In the latest filing with the Federal Court, the ACCC claimed that after a preliminary analysis of cryptocurrency ads on the platform, it was found that more than 58% of the ads violated "Meta's advertising policies or may involve fraud."