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.
Guys what do you think? Share your thought with me in the comment box.
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Thank you for reading @hynet
You can also read my previous post
And we will ban FB
May be. FB is mining our private data for their AI research. So every post or comment goes through the algorithms to find your mood, behavior, choices n liking etc. It may be useful but scary too.
maybe who knows.
Okay, let's see how it goes
Quite funny for them to make such annoucements . They ready know they are the villians in social media. Nice update
Thanks for sharing your thought.
Folow me plis fod
Okay
For BTC it really doesn't matter as bitcoin is really not dependent on these advertisements like adsense or any other which pops in between your browsing content similar to BitConnect. All crap ICOs are being published through such advertisements as that's how they fool people. So rather never buy that coin which just pops in between the page.
Many crypto enthusiasts have left facebook and are active on other social platforms like steemit, twitter, discord, telegram etc.
Keep sharing and informing the community mate. Cheers!!!
Your are right, thanks for sharing your thought.
Welcome n Thanks. Though there was a rumor about FB trying to enter crypto space, may be this the first step they are taking to launch their own coin. Who knows?
Maybe
Time to boycott Facebook, as if most of us haven't already
Yse, we have but some are still there, this news will drive more people away. Thanks for sharing your thought.
Facebook crypto ad ban also applies to ads outside of FB, via its ad network.
#farcebook
Yes your correct, thanks for sharing your thought.
I think that they might be banning them, at least in part, because of scams. If they show ads promoting scams then they may be liable.
Yes, your making a good point. There are a lot of scammers online. Thanks for sharing your thought
@hynet. This might be a good initiative. I was once a victim of Bitcoin scam. Lost good money 😢
So if banning them will stop it, I'm in support but not a fan of FB though.
Yes, you are correct there are lots of scammers in online business. Many people have lost money. I have lost money too in one of them. thanks for sharing your thought.
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Ok
Its a nice development, there are a lot of irregularities on Fb where many people have been duped. Thanks for this wonderful information.
Thanks for sharing your thought.
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I like the idea of Facebook introducing a new coin in the future. It would be a interesting move and possibly allow the general uninformed public simple access to trading cryptocurrencies. Great post hynet, well written.
Yes, it is a good idea. facebook have a huge population.