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Facebook’s parent company, Meta, has rejected recent claims suggesting that over half of crypto ads on its platform are scams. The Australian Competition and Consumer Commission (ACCC) had asserted in a federal court filing that 58% of the crypto ads reviewed were fraudulent.

In a concerning revelation, Australia's competition watchdog, the Australian Competition and Consumer Commission (ACCC), has found that over 58% of cryptocurrency advertisements on Facebook either violate Meta’s policies or potentially promote scams.