Meta under investigation by Australian authorities over fraud crypto ads

Multinational tech conglomerate Meta is currently being probed by Australia’s competition regulator ‘Australian Competition and Consumer Commission (ACCC)’ for allowing crypto scam products to advertise on its social media platform ‘Facebook’.

The recent probe against Meta came after Aussie billionaire businessman Andrew Forrest filed criminal charges against the company after Facebook failed to remove crypto-related scam ads and articles that used his image to mislead viewers.

The businessman alleged that Meta has breached anti-money laundering laws by not taking adequate steps to combat scam advertisements. Meanwhile, the ACCC wants to keep things different from Forrest’s allegations. ACCC Chair Rod Sims told The Australian in an interview Thursday:

“While Dr Forrest’s proceedings concern similar advertisements to those that the ACCC is investigating, the ACCC’s investigation is separate and concerns different questions of law. Dr Forrest’s proceedings have been brought under the Commonwealth Criminal Code.”

The recent charges filed by Forrest against Meta make it the first time Facebook has faced criminal charges anywhere in the world. The businessman claims he had received approval from Australia’s attorney general, Michaelia Cash, to launch the lawsuit under the commonwealth criminal code.

“This action is being taken on behalf of those everyday Australians – Mums and Dads, Grans and Grandads – who work all their lives to gather their savings and to ensure those savings aren’t swindled away by scammers,” Forrest said in a statement released to media.

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