British Millionnaire Drops Lawsuit Against Facebook, Comes to Agreement Over Bitcoin (BTC) Scam Ads

Majority of the stakeholders in the crypto domain were delighted to find out that Facebook had reversed its crypto ad ban last year in 2018. Perceptibly, countless individuals whispered that cryptocurrency and digital asset markets could never truly grow unless there was an amplified amount of exposure to prospective investors and traders.

Numerous cryptocurrency-related companies will now be able to reach a portion of the platform’s 2.2 billion monthly active users, which is a noteworthy part of the world’s population. However, the platform might not advertise every company now, and there are still strict rules surrounding the advertisements.

It is to be noted that a British millionaire was displeased to find out that his face was being used in advertisements in 2018. As a result, he took action against the company. However, the lawsuit has now been dropped.

Interestingly, this millionaire is none other than Martin Lewis. He is the founder of MoneySavingExpert.com. The aforementioned declaration was made in a press conference on Wednesday, January 23, 2019.

It took around 8 months for the parties to come to an agreement. Furthermore, Lewis did not accept a sum of money as a settlement. Instead, Facebook will now be donating 3 million GBP to Citizens Advice in the UK. It is to be noted that Citizens Advice is a network of over 300 charities that provide free information to individuals with all sorts of issues. These issues may be legal as well as financial.

Moreover, Facebook seems to be taking action against future issues like this. Distinctively, a button will be provided for UK users to instantaneously report an ad that they doubt to be a con. A representative of Facebook allegedly stated that if the feature proved successful, it could be stretched out to other countries, as well.

In the light of the recent events, Lewis praised Facebook for the decision, and also seemed to indicate that Google should take notice. He even acknowledged that he would not rule out the likelihood of suing Google, as well.