According to BlockBeats, the Australian Competition and Consumer Commission (ACCC) has conducted preliminary research revealing that more than half of cryptocurrency advertisements on Facebook are either scams or violate Meta's policies. This finding comes as part of an ongoing investigation into the social media giant's role in facilitating fraudulent activities on its platform.

In 2022, the ACCC filed a lawsuit against Meta, Facebook's parent company, accusing it of 'aiding and abetting' celebrity cryptocurrency scam advertisements on Facebook. The court date for this case has yet to be determined. The ACCC's latest submission to the Federal Court includes an analysis indicating that over 58% of the cryptocurrency ads on Facebook either breach Meta's advertising policies or potentially involve fraudulent schemes.

The ACCC's findings underscore the significant challenges in regulating online advertising and protecting consumers from deceptive practices. The commission's ongoing legal action against Meta aims to hold the company accountable for its role in allowing such advertisements to proliferate on its platform. As the case progresses, it will likely draw further attention to the responsibilities of social media companies in monitoring and controlling the content shared on their sites.