Thailand threatens to shut Facebook down over crypto ads

Thailand’s digital minister Chaiwut Thanakamanusorn is planning to ask a court to shut down Facebook in Thailand.

This decision was spurred by the rising number of scams on the platform, with misleading advertisements that suggest celebrity endorsement or compliance with certain regulatory bodies in Thailand.

According to government figures, more than 200 thousand individuals have already fallen prey to these scams, which often include crypto trading or investment schemes. The damages are estimated at more than 100 million baht, or US$2.9 million

The minister also claims that the government has sent repeated requests to Facebook to deal with the advertisements, and to block more than 5000 fraudulent ads and fake pages, but Facebook has thus far failed to comply with these requests.

The Thai government also stated that it has prosecuted 364 individuals for running cryptocurrency scams in a recent crackdown, but wants Facebook to do more to help.

“If Facebook wants to do business in Thailand, it must show responsibility to Thai society. They can’t operate like this,” Thanakamusorn said.

Currently, the government is gathering evidence for its case against Facebook, which has more than 50 million users in Thailand.

The court order that the government is seeking would see Faccebook shut down services in Thailand by the end of the month.

Over the past few years, Facebook has gradually eased its restrictions on cryptocurrency and blockchain-related advertisements, broadening the criteria and accepted regulatory licences for running such ads.

Aside from Thailand, Facebook has also been sued by the Australian Competition and Consumer Commission for allegedly engaging in false, misleading, or deceptive conduct by publishing scam crypto ads linked to prominent Australian celebrities.