Thailand Could Shut Down Facebook Over Crypto Scam Allegations

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• Thailand’s Minister of Digital Economy and Society (DES) has proposed to the court to close Facebook (Meta) in order to prevent financial scams, including those involving cryptocurrencies.
• It is believed that scammers use the social media platform to advertise their fraudulent schemes and deceive victims.
• The Ministry of DES plans to submit a proposal to close the social media giant at the end of August.

Thailand Could Shut Down Facebook (Meta)

The Ministry of Digital Economy and Society (DES) of Thailand has proposed shutting down Facebook (Meta) in order to combat financial scams, including those related to cryptocurrencies. Scammers have been using the platform to advertise their fraudulent schemes and con victims. The proposal is expected to be submitted by the end of August.

Crypto Scam Allegations

The Thai government has noticed that fake ads are being published on popular social platforms such as Meta, deceiving people into investing funds which are then stolen from them. Furthermore, criminals often use images of well-known figures in an attempt make their schemes appear more trustworthy.

Closing Facebook Could Help Investigate

By closing access to Meta, authorities would be able to investigate who stands behind these scams involving gold stocks, high-yield lending companies, foreign exchange trading and cryptocurrencies. Chaiwut Thanakmanusorn – Minister of DES – stated that his team might submit a proposal for shutting down the social media giant at the end of the month.

Gathering Evidence

The Ministry of Digital Economy and Society is currently in the process of gathering evidence regarding offenders on Facebook who lure victims into investing money in various assets. Once enough evidence has been collected, it will be sent to court with an intention for it shut down Facebook by the end of August.

Conclusion

It remains yet unclear if this proposal will pass through or not but it could potentially help reduce cases where people are tricked into investing their funds into dubious projects or cryptocurrency frauds sponsored by wrongdoers via social networks like Meta/Facebook.