Facebook is banning ads promoting questionable financial products (including cryptocurrencies)

Bitcoin tanks as Facebook bans cryptocurrency adverts
Facebook is banning all ads promoting cryptocurrencies — including bitcoin and ICOs
Author

01 February, 2018

The company announced the new ad restriction today, explaining that its new ban also applies to ads related to initial coin offerings and binary options.

Although the names aren't explicitly mentioned, this will prohibit anyone from promoting cryptocoins like Bitcoin, Ethereum, Monero, Litecoin, etc.

In an effort to prevent its users from being scammed, Facebook has chose to ban all ads promoting cryptocurrencies and initial coin offerings (ICOs). Also, their tracking system might not be fool-proof as it sounds, some ads may manage to slip through their filters. With an average two billion monthly users, Facebook has been one of the sector's largest markets. It urges people to report any ads that slip through the cracks, although it doesn't specify how much of a presence cryptocurrency had on the advertising network before this change.

The platform of Facebook which will stop presenting ads from crypto entities and misleading financial services includes Facebook app itself, Instagram, Audience Network, and Messenger, while WhatsApp clearly does not support any sort of ads on its basic platform.

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Leathern wrote in a blog post that many ICOs and cryptocurrencies are "scams or deception... that are not now operating in good faith". Instantly, if users detect any ad like "Use your retirement funds to purchase Bitcoin" users are requested to immediately report it. While Facebook wants its users to continue learning and discovering these products and services, it takes note of all other companies advertising their products and do not operate in good faith.

Continuing, he said the new policy was deliberately broad because Facebook is still working to improve its detection of deceptive and misleading practices.

The company added the rule to its advertising policies on Tuesday, in an update to its list of "prohibited content".

It said it was taking action to stem the rise in advertisements for discounts on new ICOs or those encouraging crypto buys while underplaying the risks involved.


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