A place where tipping is allowed!

Advertisements

Big Brother Creator and Facebook Battle Over Fake Bitcoin Ads – CCN.com

John De Mol alleges that Facebook did not negotiate in good faith over addressing misleading Bitcoin advertisements attributed to his name. | Image: ShutterstockThe creator of the Big Brother reality TV show has failed to reach an agreement with Facebook over fake Bitcoin ads that purported to originate from him. The fake Bitcoin ads promoted…

Big Brother Creator and Facebook Battle Over Fake Bitcoin Ads – CCN.com

bitcoin ads

John De Mol alleges that Facebook did not negotiate in good faith over addressing misleading Bitcoin advertisements attributed to his name. | Image: Shutterstock

The creator of the Big Brother reality TV show has failed to reach an agreement with Facebook over fake Bitcoin ads that purported to originate from him. The fake Bitcoin ads promoted cryptocurrency-related investments which were allegedly backed or endorsed or had the involvement of the Dutch billionaire John de Mol.

According to Reuters, following the stalemate between Facebook and the reality TV mogul, De Mol has now asked the courts to make a ruling on the matter.

Facebook reluctant to unmask Bitcoin scammers

The two parties had been negotiating for three months over measures that Facebook needed to take to prevent the “misleading Bitcoin advertisements.” In a statement, the reality TV guru has claimed that Facebook was not negotiating in good faith:

While the company seemed to be cooperating, it was merely a smokescreen that concealed its reluctance to put in place the desired measures in a timely and correct manner.

When the lawsuit was filed in June, De Mol accused Facebook of not only failing to stop the fake Bitcoin ads but also taking too long to take down the ads further aggravating the reputational damage they caused.

Facebook Faces A Lawsuit From Founder Of Big Brother, John de Mol – pic.twitter.com/JzqMxHvODT

— Currency Times (@_currencytimes) June 6, 2019

John de Mol’s brand generated $1.9 million for scammers

Consequently, the media mogul asked the court to order Facebook to roll out a solution that would automatically block fake Bitcoin advertisements featuring De Mol. This, the legal team argued, was because the current reporting system that is dependent on users was inadequate.

At the time, De Mol’s legal team claimed that the fake cryptocurrency investment ads featuring the media mogul had raked in approximately $1.9 million.

Since January last year, Facebook’s ad policy has prohibited the promotion of financial products and services which are “frequently associated with misleading or deceptive promotional practices such as binary options, initial coin offerings, or cryptocurrency.”

Bitcoin
Facebook’s financial services ad policy | Screenshot

However, some ads are still able to flout this policy as the continued prevalence of fake bitcoin ads around the world demonstrates.

Last Modified: September 10, 2019 at 6:10 pm UTC

Read More

Related articles

What You Need to Know About the Queen’s Crypto Tax Update

What You Need to Know About the Queen’s Crypto Tax Update

The UK’s tax authority has updated its tax policy for crypto assets. Expect huge administrative headaches as all crypto transactions need to be converted into £ and recorded. The authority reiterates that Bitcoin is not money. Her Majesty’s Revenue and Customs (HRMC) on Friday updated its tax policy related to cryptocurrency in the UK. Here’s…