According to PANews, Meta denied that more than half of the crypto ads on Facebook were scams, saying that the data was outdated and that it had taken steps to address the problem. The ACCC claimed in a filing with the Federal Court that 58% of the crypto ads it reviewed on Facebook were scams.
A Meta spokesperson said the data in the ACCC's claim relied on old information from 2018, came from a limited data set and was unlikely to accurately reflect the current state of the platform. Meta is defending the ACCC's claim and will respond to the allegation in due course.
Meta said that after receiving complaints, the company will delete ads and ban accounts, but still earn revenue from similar ads. Meta has adopted manual review, automation technology, joined AOSC, and updated guidelines to ensure that advertisers publish legal content. A Meta spokesperson said that the company is using and exploring new methods, such as machine learning technology, to identify content and accounts that violate policies.