US Senators Press Meta CEO Mark Zuckerberg on Crypto Scam Policies for Facebook, Instagram, Whatsapp – Regulation Bitcoin News

Six U.S. Senators demanded information from Meta CEO Mark Zuckerberg on how the company handles cryptocurrency scams via its social media platforms (Facebook, Instagram and Whatsapp). “We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers,” the lawmakers wrote.

Senators Need Answers from Mark Zuckerberg and Meta Platforms

U.S. Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders, and Cory A. Booker jointly sent a letter on Thursday to Mark Zuckerberg, chairman and CEO of Meta, about his company’s “efforts to combat cryptocurrency scams on its social media platforms, including Facebook, Instagram, and Whatsapp.”

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

Meta could be a fertile ground for crypto fraud and cause significant damage to consumers.

“While crypto scams are prevalent across social media, several of Meta’s sites are particularly popular hunting grounds for scammers,” the letter describes. “Among consumers who reported being scammed out of cryptocurrency on a social media website, 32% identified the scam as having originated on Instagram, 26% on Facebook, and 9% on Whatsapp.”

The lawmakers asked Zuckerberg seven questions concerning Meta’s current policies pertaining to cryptocurrency scams. The lawmakers requested that Meta’s CEO provide detailed answers by October 24.

For each of Meta’s social media platforms, the questions include how the company finds and removes crypto scammers, educates and warns users about crypto scams, and assists victims of fraudulent crypto schemes. Senators wanted to know how Meta ensures that cryptocurrency ads are legitimate and what licensing is required for advertising on the platform. The senators also wanted to know if Meta works with law enforcement to find scammers.

The U.S. government has been warning investors that social media is being used by scammers to defraud them. The U.S. Securities and Exchange Commission warned investors in August that fraudsters are using social media to exploit their fears of missing out.

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Have you come across any scams on Meta’s platforms, including Facebook, Instagram, and Whatsapp? We’d love to hear from you in the comments below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.

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