With Bitcoin taking a huge boost on the financial market, there is a lot of space for scams, fraud and other risks that lead consumers to make the wrong decisions and end up losing everything.
Now Facebook is taking the next step by banning all ads related to cryptocurrencies, from ICOs to Bitcoin that are running on the social media platform. Facebook said that they have had enough with the cryptocurrencies being such a 'wild west' of sorts. The platforms new rule is that it "prohibits financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency."
The banning of the ads basically means that – even those companies that are operating legally and are legitimate businesses – will not be able to promote things like Bitcoin nor any other cryptocurrencies. The 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.
Facebook wants consumers to continue to discover and learn about new products on the market without the fear of scams and deception. Product management director, Rob Leathern, explained the decision in a blog post saying, "Facebook will no longer accept advertisements (that) promote financial products and services that are frequently associated with misleading or deceptive promotional practices.”
He added that the decision is not permanent and that Facebook will revisit the rules when it’s gotten better at detecting and removing bad ads.
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,” wrote Leathern. “We will revisit this policy and how we enforce it as our signals improve.”