Facebook, the social media powerhouse just announced their new advertising policy on January 30. They will now ban all ads that are related to cryptocurrency, binary options, and initial coin offerings.
Rob Leathern, Facebook’s Product Management Director announced that the move to prohibit these ads does not reflect Facebook’s views on virtual currencies. They are being removed as a method of preventing Facebook from becoming a platform for scams and individuals who might want to manipulate any unsuspecting users.
He further 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.”
Bitcoin, Ripple, and Ethereum have all recently hit the mainstream. That said, there has recently been an outpour of scams hitting Facebook and other popular social media websites. Ads labeled as unfit are ones that contain words and phrases likewise to there, “New ICO! Buy tokens at a 15% discount now” and “Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world”
Leathern remarks how the 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.”
Leathern also said, “This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook,”
Given the big part that virtual currency is currently playing in our society, it goes without saying that Facebook will take a second look at its new policy when things become more stable in the cryptocurrency world. Presently, Facebook is encouraging its users to report any content that violates the new policy.