Half of crypto ads on Facebook are scams or violate Meta’s policies, consumer regulator alleges

August 14, 2024 Leave a Comment

ACCC court case against Meta revealed tech giant made money off scam ads using unauthorised star power of public figures including David Koch and Celeste Barber

Get our morning and afternoon news emails, free app or daily news podcast

More than half of cryptocurrency-related ads on Facebook analysed by Australia’s consumer regulator were scams or violated Meta’s policies, a court has heard.

The Australian Competition and Consumer Commission (ACCC) took Meta to court over celebrity scam ads in 2022, alleging the company had engaged in false, misleading or deceptive conduct in publishing the ads, and aiding and abetting the false conduct by the advertisers.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Discover more from Stay Updated Finance News

Subscribe to get the latest posts sent to your email.

Author:

Surge in UK savings lost to investment scams, with fake crypto thought to top the list October 23, 2025
Banking industry data shows £629m was stolen in six months from fraud that included gold, wine and property The amount of money lost to investment scams by UK consumers has leapt 55% in a year as cryptocurrency fraudsters intensify their efforts to cheat people out of their savings, data shows.Official UK banking industry data shows […]
Trump pardons founder of Binance, world’s largest crypto exchange October 23, 2025
Changpeng Zhao pleaded guilty to failing to stop money laundering in 2023 and was sentenced to four monthsDonald Trump issued a pardon for the founder of the world’s largest cryptocurrency exchange on Thursday.“President Trump exercised his constitutional authority by issuing a pardon for Mr Zhao, who was prosecuted by the Biden administration in their war […]
Melania Trump’s meme coin architects accused of pump-and-dump fraud in lawsuit October 23, 2025
First lady not named in suit in which investors allege Meteora executives created coin they knew would plummetThe designers of a cryptocurrency launched by the US first lady, Melania Trump, in January were accused in court filings on Tuesday of orchestrating a pump-and-dump scheme.The $MELANIA coins were released for just a few cents each on […]
Donors for Trump’s $300m White House ballroom include Google, Apple and Palantir October 23, 2025
Work under way to demolish entire East Wing as president upped cost of new structure from $200m to $300mThe White House has revealed that major companies in the tech, defense and crypto industries are helping Donald Trump fund his $300m ballroom at the White House, where work is under way to demolish the entire East […]
How I Made a Million in 90 Days review – this wildly funny stunt is an ingenious take on extreme wealth October 16, 2025
Lovable prankster-satirist Oobah Butler takes on hustle culture by trying to get rich quick. His tour of crypto-CEOs exposes the bleakness of their world – but it sure makes for comedy goldNear the start of this hilarious and ambiently horrifying documentary, presenter Oobah Butler informs the viewer what exactly is riding on the success of […]