Do the right thing, UK financial watchdog tells Facebook and Twitter

Randell said that Internet giants must do more to prevent scam adverts appearing on their sites. — 123rf.com

The chairman of the financial watchdog has urged Internet giants such as Facebook and Twitter to rid their platforms of the scourge of online scams.

Charles Randell, who heads the Financial Conduct Authority (FCA), said social media firms are enabling criminals to lure in unsuspecting investors — especially through adverts for so-called crypto tokens.