- The ACCC takes action over alleged misleading conduct by Meta for publishing fake celebrity crypto ads on Facebook (NASDAQ:FB) which violates Australian Consumer Law.
- Meta says they are cooperating with the ACCC investigation, aiming to stop scam ads.
- In other news, Meta invests over $1 billion to build a new data center in Spain.
On Friday, March 18, the Australian Competition & Consumer Commission (ACCC) accused Meta of engaging in false, misleading, or deceptive conduct by publishing fake advertisements featuring prominent Australian figures.
According to ACCC, Meta has violated the Australian Consumer Law (ACL) or the Australian Securities and Investments Commission Act (ASIC Act). In response, the social media giant said they are cooperating with the ACCC’s investigation as Meta pledged to defend itself.
A Meta spokesperson said in a statement:
We aimed to stop scam ads by using technology to detect and block them. We don’t want ads seeking to scam people out of money or mislead people on Facebook — they violate our policies and are not good for our community....