Facebook has issued an outright ban on cryptocurrency adverts following the unending complaints about spammy and fraudulent cryptocurrency adverts on Facebook. This ruling issued on January 30 states that “ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices such as binary options, initial coin offerings, or cryptocurency”
In a post published on Tuesday, Facebook Product Management Director Rob Leathern wrote:
We want people to continue to discover and learn bout new products and services through Facebook ads without fear of scams or deception. That said there are many companies who are advertising binary options, ICOS and cryptocurrrency that are not currently operating in good faith….This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram.
It is hoped that this move by Facebook will be welcomed by regular Facebook users and bitcoin enthusiasts alike, who know that those adverts do little to promote the good interest of cryptocurrency investment.
On the other hand some are of the opinion that Facebook’s advertising policy is overly resrtictive. For example the list of health foods and supplements it won’t list, for example, is extensive, and it also seems to have a problem with male torsos being displayed on adverts. ICOs and cryptocurrency projects – even those that are above board – can now be added to that list following this most recent ban.
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