After many flags concerning spam and fraudulent cryptocurrency ads, Facebook has issued a ban on these types of advertisements. A new ruling issued on January 30, “ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency”.
The move has been embraced by the cryptocurrency community and the social media's platform users. The general consensus has been that legitimate projects should provide my substance and innovation to the crypto space and not be hype driven.
Facebook is more of a local community platform more so than a national or international outlet. So it makes sense.
A post published on Tuesday, Facebook Product Management Director Rob Leathern emphasized: “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 added: “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”.
James Altucher must be crapping in his pants. (One of the ads I have seen the most).
Do you think Facebook banning crypto ads is a good thing? Let us know in the comments section.