Facebook Faces Expulsion From Thailand For Failing To Crack Down On Scams
Portfolio Pulse from Murtuza Merchant
Thailand's Ministry of Digital Economy and Society (DES) has warned Meta Platforms Inc (NASDAQ:META), the parent company of Facebook, to address fraudulent cryptocurrency investment scams on its platform or face expulsion from the Thai market. The scams, which often promise high returns and misuse the name and symbols of Thailand's SEC and Stock Exchange, have resulted in damages worth over 100,000 million baht and affected more than 200,000 victims.
August 22, 2023 | 1:21 pm
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Meta Platforms Inc, the parent company of Facebook, has been warned by Thailand's DES to address cryptocurrency scams on its platform or risk being banned from the Thai market. The scams have caused significant financial damage and affected a large number of victims.
The news directly mentions Meta Platforms Inc and the potential regulatory action it faces in Thailand due to the proliferation of cryptocurrency scams on its Facebook platform. This could negatively impact the company's operations and reputation in the Thai market, potentially leading to a decrease in its stock price in the short term.
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