Meta Disputes ACCC Claims, Says 'Less Than Half of Crypto Ads on Facebook Are Scams'

IconCryptoNewsTerminal Staff15 Aug, 2024

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Meta Disputes ACCC Claims, Says 'Less Than Half of Crypto Ads on Facebook Are Scams'

Meta (formerly Facebook) has disputed claims by the Australian Competition and Consumer Commission (ACCC) that 58% of cryptocurrency ads on Facebook are scams. In a recent court filing, the ACCC alleged that many of the ads on Facebook are scams. However, Meta said that the ACCC's data is "outdated, being from 2018, and its methodology is limited." Meta added that it will "respond to the ACCC's allegations in due course." Earlier, Meta said in its Q1 results that it had removed 631 million fake accounts and 436 million spammy content. Meta is committed to combatting scams and fake ads on its platform.

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