In an effort to prevent its users advertising what they’re calling “financial products and services frequently associated with misleading or deceptive promotional practices,” Facebook announced that it’s going to restrict all cryptocurrency ads, including those related to Bitcoin.
Basically, no advertiser – no matter if we’re talking about basic users or those who have legal, legitimate businesses – will be allowed to promote digital coins or initial coin offerings, according to a blog post made by the social network and quoted by Recode.
No more promoting for virtual coins!
The announcement claims that a lot of companies are using Facebook’s advertising platform to promote financial products, like binary options, cryptocurrencies and ICOs, but they’re doing it without operating in good faith.
From now on, any cryptocurrency ads, which will violate the company’s new policy, will be automatically removed from the social networks. But this doesn’t mean that the other places where Facebook sells ads, like Instagram, for example, will be loaded with crypto-related ads.
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,” said Rob Leathern, as tech director at Facebook. “We will revisit this policy and how we enforce it as our signals improve.”
This measure comes after the recent cryptocurrency bubble leads to people getting scammed, while the price fluctuations cost people a lot of money.
Say goodbye to scams as well
Technically speaking, Facebook will make it very hard for scammers to profit from a presence on the social network, by not allowing them to promote coins or similar products anymore. The announcement they made also encourages users to help the network get rid of cryptocurrency ads, by reporting any type of content that violates the new rules.
Of course, this is at least a surprising decision, considering the Facebook’s board of directors has some pretty important investors in it. We’re talking about Marc Andreessen and Peter Thiel, both owning firms which strongly backed cryptocurrency. Also, let’s not forget about the leader of Facebook Messenger, David Marcus, who is a member of the board of directors at Coinbase.