FACEBOOK HAS BANNED all adverts for cryptocurrencies and initial coin offerings (ICO) in a move to clamp down on deceptive marketing activity around the promotion of financial products and services.
The social media giant has yet to take action in banning con artists that frequently use the platform to play their wares and deceive others, but this is a first step. According to the report, ads that violate the company’s new policy will be banned on Facebook’s core app. Additionally, they will be banned in other places where Facebook sells ads, which includes Instagram and its ad network, Audience Network.
"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," Rob Leathern, Facebook's product management director said.
"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. We will revisit this policy and how we enforce it as our signals improve."
Facebook has been a of scams and duplicitous activity which seems to have run unchecked for months leading many into losing their cash.
Cryptocurrency startup advisor, Kyle Forkey, told Inverse:
It will be beneficial to the average investor and indirectly beneficial to crypto as a whole. The more we flush out these scammers, the better the ecosystem is going to handle it, so I’m all for it.
What is your take on this action?Is this move desine to affect legitimate companies to or not??
Thank you or your time and support,
rioDa