Facebook’s Crypto Practices Worry a Major Regulator

Facebook finds itself again at the center of a controversy. 

It’s as if the social media giant, which changed its name last October to become Meta Platforms  (FB) – Get Meta Platforms Inc. Class A Report, was struggling to manage its practices. 

Australia’s consumer watchdog (ACCC) has decided to sue Meta for allegedly “aided and abetted” celebrity scam ads on Facebook that have cost some Australians hundreds of thousands of dollars.”

Meta “engaged in false, misleading or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures,” the regulator argued in a press release.