Australian regulators say 58% of crypto ads on Facebook are scams

The Australian competition watchdog has cited reports that more than half of crypto ads on Facebook are either scams or violate Meta's policies.
The Australian Competition and Consumer Commission (ACCC) said it found 600 ads during the investigation. It is currently only focusing on 234 ads, and claims that other cases of celebrity fraud may be uncovered after the investigation process in this case is completed. "Since at least January 2018, Meta has been aware of the use of misleading or deceptive promotions in a significant proportion of cryptocurrency ads on Facebook," the regulator said.
"Advertisers must agree to certain contractual terms, including compliance with Meta's advertising policies, which prohibit advertising that uses deceptive or misleading practices," the ACCC said.
Meta is said to have continued to show similar ads from the same celebrity or other public figure and earn revenue from them, even though it removes individual ads and sometimes bans related accounts after receiving complaints.