US Senators Lobby Meta CEO Mark Zuckerberg Over Crypto Fraud Policies On Facebook, Instagram And Whatsapp – Bitcoin News Regulator

US Senators Lobby Meta CEO Mark Zuckerberg Over Crypto Fraud Policies On Facebook, Instagram And Whatsapp – Bitcoin News Regulator

Six US senators have demanded answers from Mark Zuckerberg, CEO of Meta, about how his company handles cryptocurrency scams on its social media platforms, including Facebook, Instagram and Whatsapp. “We are concerned that Meta is providing a breeding ground for crypto fraud that is causing significant harm to consumers,” the lawmakers wrote.

Senators want answers from Mark Zuckerberg and Meta platforms

U.S. Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Diane Feinstein, Bernard Sanders and Cory A. Booker sent a joint letter Thursday to Mark Zuckerberg, Chairman and CEO of Meta, about his company’s efforts to combat crypto-related fraud. on its social media platforms, including Facebook, Instagram and Whatsapp.”

Citing “recent reports of fraud on other social media platforms and apps,” including data from the Federal Trade Commission (FTC), the senators wrote:

We are concerned that Meta provides a breeding ground for cryptocurrency fraud that is causing great harm to consumers.

“While cryptocurrency-related scams are spreading through social media, many Meta sites are particularly popular hunting grounds for scammers,” the letter explains. “Of the consumers who reported being scammed by cryptocurrency on a social media site, 32% identified the scam as originating on Instagram, 26% on Facebook, and 9% on Whatsapp.”

Lawmakers asked Zuckerberg seven questions regarding Meta’s current policies regarding cryptocurrency scams. They ask the CEO of Meta to respond with detailed information by October 24.

For each of Meta’s social media platforms, questions include how the company finds and removes crypto scammers, educates and warns users about cryptocurrency scams, and helps victims of fraudulent crypto schemes. The senators also asked how Meta verifies that crypto ads are not scams and what regulatory licenses are required to advertise on its platforms. Furthermore, they asked to what extent Meta cooperates with law enforcement to track down scammers.

US authorities have warned that scammers are increasingly using social media to defraud investors. In August, the US Securities and Exchange Commission (SEC) warned investors against scammers exploiting their fear of FOMO on social media.

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Have you come across any scams on Meta platforms, including Facebook, Instagram and Whatsapp? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

photo credits: Shutterstock, Pixabay, Wikicommons

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