Regulators Claim 58% of Crypto Ads on Facebook Are Scams

Aug 15, 2024, 12:56 AM

A significant portion of cryptocurrency advertisements on Facebook have come under scrutiny, with allegations from consumer regulators that many of these ads are scams or violate Meta's policies. Reports indicate that up to 58% of these ads are fraudulent, highlighting concerns over the platform's advertising practices. The Australian regulator has been particularly vocal, claiming that a majority of crypto ads on Facebook are scams. This revelation underscores the ongoing challenges faced by Meta in policing its advertising content and ensuring compliance with its own guidelines.