Bitcoin scam ads featuring Martin Lewis continue to appear on social media
On January 7 post of Peter Finn, Lewis’s face appeared on the Instagram ad to promote a fake article published by British national newspaper The Mirror. Despite Lewis’s previous efforts to stop illegal acts, Bitcoin scam ads that look like Martin Lewis have continued to appear on social media.
@MartinSLewis I just came across this on instagram. In view of what you have said in the past I am guessing you are not endorsing this pic.twitter.com/WWQSCLMnkf
— Peter finn (@peterfinn5252) January 7, 2020
New scam ads have now been discovered on Instagram owned by Facebook after the British financial expert settled a defamation lawsuit against Facebook for displaying unregistered Lewis digital currency ads in 2019.
Facebook introduced bans on crypto-related ads
On January 30, 2018, Facebook updated its advertising policy, saying it banned ads using “misleading or deer promotional practices,” including cryptocurrency ads and Initial Coin Offerings (ICOs).
The move may surprise some cryptocurrency followers after Facebook founder Mark Zuckerberg expressed his desire to delve into cryptocurrency in 2018.
His comment that cryptocurrencies have power from centralized systems and putting it back into the hands of the people seems to be a less bad idea about their potential and how companies can best use them in their services.
Martin Lewis instituted proceedings against Facebook
On April 23, Martin Lewis, a British financial journalist and money-saving expert, is expected to launch High Court proceedings against Facebook, accusing the social network of defamation related to Deer cryptocurrency advertisements, according to Lewis’s blog post on April 20.
Martin Lewis, a British financial journalist, and money-saving expert. Image via thesun.
Lewis will release legal action against the firm claiming that last year, the social platform announced more than 50 crypto ads with illegal use of its face and name to promote its financial products. He said that ads often end up getting rich quick schemes with titles like “Bitcoin code” or “Cloud Trader,” which is the “fronts for binary trading companies based outside the EU” and “financially dangerous.”
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