MetaverseNFTCoins.com
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams
No Result
View All Result
MetaverseNFTCoins.com
No Result
View All Result

Online giants must be made to remove scam ads

December 14, 2021
in Scams
Reading Time: 3 mins read
A A
Online giants must be made to remove scam ads
ShareShareShareShareShare


Tuesday 14 December 2021 12:01 am

The Online Safety Bill will regulation harmful but legal content

Social media giants should be forced to take down paid-for scam advertisements through new online regulations, according to a joint committee of Lords and MPs.

The Joint Committee on the Draft Online Safety Bill, a collection of peers and MPs that are scrutinising the government’s proposed online reforms, said Boris Johnson’s government “should introduce legislation to ensure that search engines and social media  platforms do not promote financial scams through advertising”.

Read more

Treasury minister warns crypto regulation now ‘more complicated and difficult’

The Online Safety Bill aims to force online firms, particularly social media companies and search engines, into a legal duty of care to its users.

This would mean that it has a legal responsibility to take down any content that “gives rise to a reasonably foreseeable risk of a significant adverse physical or psychological impact on individuals”.

The bill includes provisions for financial fraud by individual accounts, but not for scams carried out through paid advertising.

Around £2.3bn was lost by UK consumers last year through online scams, with a large chunk of this coming through social media, according to Which?

The Financial Conduct Authority (FCA) told the Joint Committee on the draft Online Safety Bill that “the problem [of online fraud] is most manifest in the paid-for space, so it does not make sense for the bill not to deal with the very heart of the problem, which is the paid-for advertising space”.

MPs and peers on the committee said the exclusion of of paid-for advertising in the Online Safety Bill “would obstruct the government’s stated aim of tackling online fraud and activity that creates a risk of harm more generally”.

“Excluding paid-for advertising will leave service providers with little incentive to remove harmful adverts, and risks encouraging further proliferation of such content,” they said.

“Ofcom should be responsible for acting against service providers who consistently allow paid-for advertisements that create a risk of harm to be placed on their platform.”

It comes as UK regulators recently raised the alarm over fraudulent cryptocurrency advertisements.

In November, the Advertising Standards Agency labelled crypto ads a “red alert priority” following concerns the public are being encouraged to invest in dubious projects without being made aware of the risks.

Earlier this year Kim Kardashian was name-checked by the UK’s financial watchdog, which warned investors against taking financial advice from social media influencers after she promoted potential scam ‘Ethereum Max’ to her 269m Instagram followers.

Treasury minister John Glen last month said there needed to be a “level playing field” on regulation between cryptocurrency traders and the wider financial services industry in the wake of crypto’s increasing popularity.

Read more

In a brave new world, we still need clear lines to tackle a dark online underbelly

Blair Halliday, the UK lead for crypto exchange Gemini, said: “As crypto inextricably marches further into the mainstream … there is a role for all players in the ecosystem from big tech to crypto exchanges to protect consumers from online scams … along with the risks from firms who have not sought FCA Crypto-asset approval.”

Digital Secretary Nadine Dorries commented: “Our groundbreaking Bill will require tech firms and social media companies to take long overdue responsibility to protect their users – especially children – from a full range of illegal and harmful content. Crucially the new comprehensive legislation will hold big tech to account if they fail to act. 

“I’d like to thank the Committee for its work. The government will consider its recommendations carefully and incorporate them where we feel the Bill can be strengthened further to make Britain the safest place to go online, while protecting free speech.”

Similarly tagged content:

Sections

Categories

Credit: Source link

ShareSendTweetPinShare
Previous Post

investors monitor omicron; Weibo shares, bitcoin

Next Post

BitXmi Crypto Exchange Launches NFT Marketplace After Its 7X BXMI Token Surge

Next Post
BitXmi Crypto Exchange Launches NFT Marketplace After Its 7X BXMI Token Surge

BitXmi Crypto Exchange Launches NFT Marketplace After Its 7X BXMI Token Surge

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Updates

8 Best Altcoins To Watch For Next Altcoin Season 2023

8 Best Altcoins To Watch For Next Altcoin Season 2023

February 2, 2023
Blockchain Futurist Conference – Canada’s Largest & Longest Running Crypto Conference Comes Back for its 5th Year!

Blockchain Futurist Conference – Canada’s Largest & Longest Running Crypto Conference Comes Back for its 5th Year!

February 2, 2023
BTC Price Increases Significantly Past $17K

Bitcoin Price Heading Back Towards $24,000 – Did Wednesday’s Liquidity Grab Give It The Boost It Needed?

February 2, 2023
Meta Masters Guild Presale Raises $2.8 Million — Should Investors Invest Now or Wait?

Meta Masters Guild Presale Raises $2.8 Million — Should Investors Invest Now or Wait?

February 5, 2023
Lebanese People Turn to Crypto Amid the Country’s Financial Collapse: Report

Lebanon Devalues its Currency by 90%, Snowden Believes Bitcoin Fixes This

February 1, 2023
MetaverseNFTCoins.com

This is an online news portal that aims to provide the latest NFT news, crypto news, blockchain, regulations, scams, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch.

What’s New Here!

  • Shiba Inu scores massive 1.3M holders amid coming up Shibarium
  • 3AC Founder Accused Of Obstructing Court Orders
  • Korean authorities confirm search for Do Kwon

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - metaversenftcoins.com - All rights reserved!

No Result
View All Result
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams

© 2021 - metaversenftcoins.com - All rights reserved!

  • bitcoinBitcoin (BTC) $ 23,132.00 0.5%
  • ethereumEthereum (ETH) $ 1,672.22 1.73%
  • tetherTether (USDT) $ 1.00 0.05%
  • bnbBNB (BNB) $ 331.01 0.2%
  • usd-coinUSD Coin (USDC) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.401200 0.94%
  • binance-usdBinance USD (BUSD) $ 1.00 0.03%
  • cardanoCardano (ADA) $ 0.398178 1.97%
  • dogecoinDogecoin (DOGE) $ 0.091972 0.42%
  • matic-networkPolygon (MATIC) $ 1.30 4.74%
  • okbOKB (OKB) $ 45.25 1.81%
  • solanaSolana (SOL) $ 23.72 1.61%
  • staked-etherLido Staked Ether (STETH) $ 1,669.57 1.79%
  • shiba-inuShiba Inu (SHIB) $ 0.000014 0.01%
  • polkadotPolkadot (DOT) $ 6.86 1.84%
  • litecoinLitecoin (LTC) $ 100.81 1.39%
  • avalanche-2Avalanche (AVAX) $ 20.52 1.71%
  • tronTRON (TRX) $ 0.066182 2.32%
  • uniswapUniswap (UNI) $ 6.88 0.35%
  • daiDai (DAI) $ 0.999834 0.05%
  • cosmosCosmos Hub (ATOM) $ 15.09 2.7%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,114.00 0.57%
  • chainlinkChainlink (LINK) $ 7.20 2.22%
  • the-open-networkToncoin (TON) $ 2.30 2.42%
  • ethereum-classicEthereum Classic (ETC) $ 23.03 1.84%
  • leo-tokenLEO Token (LEO) $ 3.37 0.74%
  • moneroMonero (XMR) $ 167.13 0.14%
  • bitcoin-cashBitcoin Cash (BCH) $ 134.30 0.55%
  • aptosAptos (APT) $ 15.50 2.36%
  • stellarStellar (XLM) $ 0.091749 1.51%
  • nearNEAR Protocol (NEAR) $ 2.70 14.4%
  • apecoinApeCoin (APE) $ 5.96 4.25%
  • lido-daoLido DAO (LDO) $ 2.55 5.3%
  • crypto-com-chainCronos (CRO) $ 0.084856 5.14%
  • filecoinFilecoin (FIL) $ 5.59 3.69%
  • algorandAlgorand (ALGO) $ 0.291139 5.68%
  • quant-networkQuant (QNT) $ 140.27 1.26%
  • hedera-hashgraphHedera (HBAR) $ 0.076721 10.96%
  • vechainVeChain (VET) $ 0.025918 4.67%
  • internet-computerInternet Computer (ICP) $ 5.91 3.71%
  • the-graphThe Graph (GRT) $ 0.185775 3.79%
  • fantomFantom (FTM) $ 0.558448 0.28%
  • the-sandboxThe Sandbox (SAND) $ 0.868674 20.08%
  • decentralandDecentraland (MANA) $ 0.786585 6.88%
  • axie-infinityAxie Infinity (AXS) $ 11.93 6.93%
  • flowFlow (FLOW) $ 1.23 9.08%
  • aaveAave (AAVE) $ 88.98 2.34%
  • eosEOS (EOS) $ 1.10 1.96%
  • elrond-erd-2MultiversX (EGLD) $ 47.25 3.31%
  • theta-tokenTheta Network (THETA) $ 1.16 1%