Cryptocurrency ads now banned on FacebookBy Staff Writer 31 January 2018 | Categories: news
If you’re seeing no more annoying ads for cryptocurrency while browsing Facebook, here’s why. The social media network has banned all advertising of cryptocurrency, noting that many of these advertisers “are not operating in good faith”.
In a blog post, Rob Leathern, product management director at Facebook Business says that a new policy prohibits ads that promote financial products and services frequently associated with misleading or deceptive promotional practices. Falling under this are binary options, initial coin offerings and cryptocurrency. These rules apply to both Facebook and Instagram.
Leathern states that the policy is intentionally broad in order to work on better methods to separate offenders and those who toe the line, and that Facebook will amend the policy in future if needed. He encouraged users to report offending ads that slip through by clicking on the upper right-hand corner of the ad.
According to the BBC, initial coin offerings (ICOs) provide an opportunity to buy new cryptocurrencies at a low price before they are made public and potentially rise in value. But without proper regulations in place, some ICOs have disappeared, leaving “investors” without much recourse.
While this is certainly a step in the right direction, Facebook’s biggest challenge will be managing this year’s mid-term elections in the States, with the company coming under fire for Russian interference during the 2016 presidential elections.
Most Read Articles
Have Your Say
What new tech or developments are you most anticipating this year?