Meta Crypto Scam Ads Are Being Investigated By Australian Consumer And Competition Watchdog

Australia’s consumer and competition (ACCC) watchdog is investigating Meta for a series of cryptocurrency scam advertisements on the social platform.

The announcement comes only one day after millionaire Andrew “Twiggy” Forrest filed a criminal complaint against Facebook for allegedly serving users crypto scam ads and fake articles that utilized his name and picture.

According to the ACCC, Meta enabled crypto fraudsters to breach Australian consumer law, scamming victims out of hundreds of thousands of dollars.

On February 3, ACCC chair Rod Sims told The Australian that, while their probe is similar to Forrest’s, the “ACCC’s investigation is separate and concerns different questions of law.”

While Forrest’s complaint involves potential violations of Australia’s Commonwealth Criminal Code, the ACCC will investigate whether Meta has “raised concerns” under Australia Consumer Law.

“Like Dr. Forrest, we consider that Meta should be doing more to detect, prevent and remove false or misleading advertisements from the Facebook platform so that consumers are not misled and scammers are prevented from reaching potential victims,” ACCC stated.

Forrest says that by failing to take necessary efforts to prevent the fraud from being spread on its platform, Meta not only breached Australia’s money-laundering regulations but also acted “criminally recklessly.”

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