Facebook Decided to Ban Cryptocurrency Ads
Facebook is one of the companies which have decided to take a stance against cryptocurrencies. The famous company has just announced its decision to ban all ads on the social network that promote cryptocurrencies. Of course, the company also gave a reason for this, saying that they are commonly linked to "misleading or deceptive promotional practices."
Facebook claimed that cryptocurrency ads are commonly associated with misleading practices
The company updated its advertising policy, claiming that it has added to its list of prohibited content the advertising for cryptocurrencies. The product management director of Facebook stated:
““We want people to continue to discover and learn about 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 cryptocurrencies that are not currently operating in good faith.””
Of course, Facebook wants to avoid contributing to scams that have been linked to cryptocurrencies. However, the company was also criticized by those conducting legal businesses and which will be impacted by this decision.
Unfortunately legit businesses that create facebook ads are also getting hurt by this broad policy. Some have pointed out that while facebook is quick to ban cryptocurrency ads, it has been much slower in taking down other types of scams, such as those involving dietary supplements and fake news stories.
Others have noted that facebook's decision could end up benefiting its competitors, such as Google and Twitter, which have not yet taken such a hard line on cryptocurrency advertising.
It remains to be seen how effective facebook's ban will be in stopping scams, but it is clear that the social media giant is taking a stand against the growing problem.
Facebook has also provided some examples of the types of adverts that will no longer be featured on the social network: "Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world."
Of course, this does not mean that Facebook's decision is final and will not change. The company is allegedly willing to revise it in time, when it better understands the phenomena and finds a better way to deal with misleading ads. However, until that will happen, the new policy will be into effect both when it comes to Facebook and when it comes to Instagram.
For the moment, Facebook provided no additional details. However, its move puts a new spotlight on the cryptocurrency market, which has lately been under discussions in several countries when it comes to the potential to regulate it.
