Financial advisors from the UK demand Facebook

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Martin Lewis, a financial journalist and founder of the financial site, sued Facebook through the High Court of England, accusing Facebook of defamation.

Lewis claims, Facebook installed more than 50 cryptocurrency ads that use the name and face to advertise fraudulent sale of cryptocurrency.

In a statement, Lewis mentioned that ads that use his name usually promote the scheme to get rich quickly even though the way has a very small chance of success.

The ad uses the name Martin and has a link to an article similar to an original article from a major media such as BBC News.

"For more than a year, I have asked Facebook to stop letting the fraudsters use my name and face to deceive people whose risk is deceived but the deception continues," Lewis said.

"I feel sick whenever I hear of a victim being deceived because they believe my name is being used wrongly."

Given the popularity of Bitcoin and other virtual currencies, some people have been fooled by deceptions promising a quick way to get rich by buying and selling Bitcoin.

The ads like Lewis mentioned target people who really believe in the fraud. The thing is, everyone can advertise on Facebook as long as they have a credit card.

Although Lewis has reported this fraudulent ad on Facebook, he said, Facebook still allows new ads that use their name and face, even though the old ad has been removed.

Surprisingly, Lewis can still see Cryptocurrency-related ads on Facebook, given the social media says they have banned all cryptocurrency-related ads in January.