Facebook has announced its ban on all ads that promote cryptocurrency. The announcement came as a shock to many crypto lovers. According to them, the move was to protect its users from scammers.
Facebook is banning all ads that promote cryptocurrencies, including bitcoin, in an effort to prevent people from advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices.”
That means no advertiser — even those that operate legal, legitimate businesses — will be able to promote things like bitcoin and other cryptocurrencies, initial coin offerings — ICOs for short — or binary options, according to a Facebook blog post.
That also means that “crypto-genius” James Altucher, whose ads have appeared all over the internet and have become a meme of sorts for the entire crypto industry, won’t be able to advertise on Facebook.
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The implication of this announcement is that those making use of their platform to promote bitcoin and other altcoins can no longer do that. Anyone making use of facebook platform who do not obey the policy will be banned from facebook core app.
Ads that violate the company’s new policy will be banned on Facebook’s core app, but also in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps.
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,” wrote Rob Leathern, one of Facebook’s ad tech directors. “We will revisit this policy and how we enforce it as our signals improve.”
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This move of banning all crypto related ads is very suspicious despite the fact that facebook claimed that their reason is to protect people from been scammed. One might also think that the reason for the ban is to clear way for them in case they introduce their own coin in the future.
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