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SEC Thailand’s Warning on Misleading Crypto Ads
The Securities and Exchange Commission (SEC) of Thailand is taking steps to safeguard crypto investors from deceptive advertisements. On April 29, the Thai SEC issued a caution to all active crypto exchanges, urging them to avoid exaggerating crypto investments and adhere to specified advertising standards.
Regulatory Actions Against Misleading Crypto Ads
Regulators in various crypto markets are cracking down on misleading advertisements. For example, the UK’s Financial Conduct Authority (FCA) flagged 450 illegal crypto ads in 2023. Similarly, Spain’s National Stock Market Commission (CNMV) denounced fraudulent crypto asset promotions in November 2023, stressing the need for companies to comply with local laws.
Guidelines for Crypto Exchanges
The SEC reminded crypto exchanges to include warnings about investment risks in their ads and cautioned against luring new users with special offers. Failure to comply with the guidelines will result in legal consequences. Thai advertising standards mandate businesses to substantiate the information in their marketing campaigns, ensuring compliance with the country’s laws.
Hackers Exploit Ads on Etherscan
In a separate incident, hackers hijacked ads on Etherscan, a popular blockchain explorer, redirecting users to phishing sites aimed at draining crypto wallets. The large-scale phishing campaign was attributed to a lack of oversight by ad aggregators, potentially exposing users to phishing attempts.
Google Ads and Phishing Scams
Last week, Google Ads promoted malicious crypto websites, including a fake version of Whales Market, an OTC crypto platform. Threat actors exploited Google Ads to deceive users into fake crypto investments. Google recently filed a lawsuit against individuals from China for using the Google Play store to promote fraudulent apps related to crypto investments.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
