Social Media

Facebook bans cryptocurrency Ads and offerings

facebook bans bitcoins

Facebook has made a lot of changes to the platform this year alone, and there is a new one – the social media giant would now take extra measures to ensure that ads on cryptocurrency do not show up on the network.

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This standing order would not be limited to cryptocurrencies alone, including Initial Coin Offerings (ICOs) and such other related offers too. This, they announced in a post that went online today.

The Product Management Director of Facebook, Robert Leathern, said in the statement that

Two of our core advertising principles outline our belief that ads should be safe, and we build for people first. Misleading or deceptive ads have no place on Facebook.

He even went on to add that the new policy would prevent any kind of ads with intent to mislead the public on financial information. That means even binary options offerings will have a hard time making it to the approved ads list with the social media giant.

The rationale behind this decision, as explained by Leathern, is that

there are many companies who are advertising binary options, ICOs and cryptocurrencies that are currently not operating in good faith.”

He did, however, agree that there was no guarantee of a 100% success with catching all of the ads. That is where the community comes in.

He urges the general public to make sure they report such misleading ads that they might come across to the Facebook team so that necessary action may be taken. With this new development, Leathern hopes that they would be able to

improve the integrity and security of our [Facebook’s] ads, and to make t hard for scammers to profit from a presence on Facebook.

While this would affect a lot of legit businesses in these niches negatively, the greater good – the fact that the basic user of the platform would be better protected from falling into a scam – holds.

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