The Social Network, one of Australia’s most popular social networking platforms, has announced that it will be shutting down in 2018.
It said the decision was made due to changes in the business and customer bases of its clients, including the launch of new features in the future.
The platform said it would continue to support its existing user base through the launch in 2018 of new products and features in its popular mobile apps.
In a statement, Facebook said it was changing the business model of the platform to be more aligned with the needs of its growing user base.
The company said it is also reducing its investment in its core Australian operations.
The decision comes as the Australian Competition and Consumer Commission (ACCC) looks into claims of misleading advertising on the platform.
The agency said it had been monitoring the complaints from people claiming that Facebook advertisements were misleading.
Facebook had previously denied the claims.
The new rules were introduced last year to stop the platform from running ads that appear on pages that were “misleading”, or that were in breach of advertising codes.
The changes are not binding and the company has until June 1 to make changes.
But it said the changes would “help us better target and engage with our growing number of users”.