Facebook announces a new policy "to make it harder for scammers to profit on Facebook"
No more Facebook Ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency."
The Facebook announcement reads - "Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook."
"We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency."
"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."
"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."
* Posted by Rob Leathern, Product Management Director, Facebook
January is on record for the most sightings so far of Black Swans. It's been a rough month for Crypto-Currency Investors and Speculators and Promoters as the Regulators and now Facebook take steps to rein in the rapid spread in popularity of Bitcoin and crypto-currencies.
A Facebook spokesperson told Business Insider that the new rule bans all ads related to cryptocurrencies — not just those directly trying to sell cryptocurrencies or cryptographic tokens. So ads for Bitcoin wallets are also banned, for example, as are ones for Ethereum-mining hardware.
"Another ad that Facebook is targeting is the one that promises the absence of risk. That seems to have been the approach of Bitconnect, which was guaranteeing fixed returns and has since been hit with its second class action lawsuit claiming an investment scam."
