Facebook's founder and chief executive Mark Zuckerberg has confirmed that more than 650 pages and groups on the social networking platform have been identified as being "misleading".
Twitter, on the other hand, said it suspended as many as 284 accounts with supposed links to Iran.
In a statement earlier this week, Facebook explained: "We ban this kind of behaviour because we want people to be able to trust the connections they make."
The statement arrived shortly after Facebook announced that it does not intend to remove fake news from its platform.
Instead, the world-famous social networking website - which has come under fire in recent years for hosting fake news articles - said it plans to demote such content.
Explaining Facebook's stance on the contentious issue, the company's John Hegeman recently said: "We created Facebook to be a place where different people can have a voice."
Facebook will resist calls to remove fake news that does not break its own in-house rules.
However, the tech giant would rank-down content that is identified as false.
A spokeswoman explained: "We allow people to post it as a form of expression, but we're not going to show it at the top of News Feed."