UK financial guru sues facebook over illegal crypto ads
A finance journalist, Martin Lewis from Britain issued a High Court proceeding against the social media giant Facebook. The proceeding is accusing the social networking site of defamation related to deceptive cryptocurrencies advertisements.
Lewis in his blog post stated that he will initiate legal action against the company for publishing more than 50 cryptocurrency ads on the platform in the past year with the illegal use of his face and name to promote the financial products.
According to him, the ads endorse easy-money schemes titled “Bitcoin code” or “Cloud trader”, which originally are “Fronts for binary trading firms based outside the EU” and “Financially dangerous.”
The financial guru will launch legal action against the company claiming that within the last year the social platform has published more than 50 cryptocurrency ads with illicit use of his face and name to promote financial products. He says that the ads often endorse get-rich-quick schemes with titles like “Bitcoin code” or “Cloud Trader”, which are “fronts for binary trading firms based outside the EU” and “financially dangerous”. Martin Lewis commented:
“I don’t do adverts. I’ve told Facebook that. Any ad with my picture or name it without my permission. I’ve asked it not to publish them, or at least to check their legitimacy with me before publishing. This shouldn’t be difficult – after all, it’s a leader in face and text recognition.”
Martin also went on to twitter and tweeted regarding the incident.
The reporter claims that even after report about the wrong ads, Facebook did not bring it down.
“Even when they are reported, many have been left up for days or weeks. And finally, when they are taken down the scammers just launch a new, nearly identical campaign very soon afterward and the whole rigmarole starts again.”
However, in January Facebook went on to ban cryptocurrency ads on the platform which are “misleading or deceptive promotional practices,” including ads of cryptocurrencies and Initial Coin Offerings (ICOs).
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