British financial guru sues Facebook over ads for cryptocurrency scams
Martin Lewis, British personal finance guru, is suing Facebook over the social network allowing cryptocurrency scammers to promote their schemes on his behalf.
Lewis is the founder of the MoneySavingExpert blog, and his name and face have become well known to the public over the years of publications and speeches. On his blog, Lewis explained that he was suing Facebook as a private individual and not as a representative of MoneySavingExpert. He also noted that any funds that may be awarded to him will be transferred to the fight against fraud..
More than 50 fake Facebook ads have been linked to him over the past year, Lewis said. He calls two schemes – Bitcoin Code and Cloud Trader – that have attracted investors with promises of unprecedented profits in binary options trading, a risky asset class that Lewis calls “almost guaranteed money loss.”.
In some cases, the ads looked like full-fledged material posted in the British publications The Mirror and BBC.
“Played and that’s enough. I have been fighting with Facebook for over a year over the fact that they allow scammers to use my name and face to rip off vulnerable people, and this continues, ”he writes. “It’s time to hold Facebook accountable. They claim to represent the platform, but not the publisher. At the same time, this is not just a forum post, they get paid to publish, they distribute and promote the ads of fraudulent businesses. I hope that my claim will result in a system change. “.
Facebook banned ads for cryptocurrencies and ICOs in January this year. Lewis admits that some ads were removed, but in some cases the process took “days or weeks”, and scammers continue to find new ways to bypass the blocks.
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