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.
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
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."
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
Futures exchange operator CME group has announced that it plans to begin offering bitcoin futures contracts starting in early 2020.… Read More
After briefly incurring a significant influx of buying pressure, Bitcoin (BTC) has once again lost its momentum and is now… Read More
The traditional investment world has largely found itself split on whether or not Bitcoin and other cryptocurrencies constitute sounds investments,… Read More
Another week, another of Crypto Tidbits . While Bitcoin (BTC) effectively ended the week where it started in terms of… Read More
It's possible to pay your bills with money earned from the cryptocurrency market. Everyone can generate additional income, or even… Read More