Ads About Fake Bitcoin on FB to Be Removed

A Dutch court ordered the removal of Bitcoin (BTC)-related fraudulent investment ads from Facebook. This happened after a local billionaire and television producer John de Mol’s lawsuit against the firm.

In June 2019, De Mol started judicial proceedings against the social media giant. He claimed that Facebook did not respond to several requests to remove ads of a scam, which misused his and other celebrities’ images. Eventually, this resulted in a loss of 1.7 million euros or $1.8 million by investors.

After the claim, a Dutch court ruled that Facebook needs to pull out the ads. Also, the firm must give all available information about the individuals who stood behind the scam ads. Moreover, if not, they will fine the social media giant as much as 1.1 million euros or $1.2 million.

The court stated, “Facebook’s arguments that it is just a neutral funnel for information, and therefore cannot be obligated to act, is not acceptable.”

According to the court, the firm operates a very active role in advertisements. And to argue, this forms its primary business model.

Moreover, Facebook ostensibly stated in the court that it had already removed the ads. Also, it is thinking of all legal actions, including an appeal.

Facebook stated, “This ruling does not change our commitment to fighting these types of ads. We cannot stress enough that these types of ads have no place on Facebook, and we remove them when we find them.”

Bitcoin on Bearish Course

Meanwhile, the Bitcoin price has taken a bearish course. And it led to several analysts to call for a drop to $8,300. And others even suggest $7,100 is where the digital asset will bottom.

At the weekend, the price tried to recover from the dip to $8,600. There was a quick pop to $9,141 lighted investors up looking for the digital asset to come back to its previous weekly range at $9,000 to $9,500.