Facebook bans cryptocurrency ads
Facebook aims to build a better and more positive online community
Facebook recently announced it is planning to clean up its news feed to promote a positive community, and the latest step is to ban cryptocurrencies and initial coin offerings (ICO) adverts.
Facebook's reasoning is that the majority of these ads are usually fake, citing that ads for financial products and services "are frequently associated with misleading or deceptive promotional practices."
Rob Leathern, one of Facebook's ad tech directors, wrote: "This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices. We will revisit this policy and how we enforce it as our signals improve."
Facebook has listed what will now be banned from Facebook:
"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.
"Start binary options trading now and receive a 10-rish free trades bonus!"
"Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world."
"New ICO! Buy tokens at a 15% discount NOW!"
"Use your retirement funds to buy Bitcoin!"
Facebook said in a blog post: "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."