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Facebook bans cryptocurrency, ICO, binary options ads

Jan 31 2018
By
Jonathan Smith

Facebook is banning the ads of cryptocurrencies, including bitcoin, initial coin offerings (ICOs) and binary options across its network and partnering sites, said the company in a blog post.


According to the new company policy, “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“ are prohibited. The ban will apply to all platforms of the company, including Facebook, Audience Network that places ads on third party apps, and Instagram.

 


Rob Leathern, Product Management Director at Facebook noted that there are a lot of companies that are not acting “in good faith”, who are promoting ICOs, cryptocurrencies and binary options. “Misleading or deceptive ads have no place on Facebook”, he said in the blog post.


According to the publication, the new Facebook policy is intentionally broad, while the company works to better detect deceptive and misleading advertising practices. Eventually, after improvement of the detection practices, the policy will be revisited. Furthermore, Facebook urges its users to report content that violates its advertising policies.


Until now Facebook was a breeding ground for misleading advertising of fraudulent financial products, mostly binary options and scam trading robots, but with the increasing popularity of cryptocurrencies, scams associated with them have also started appearing.


It is interesting to see whether the new policies will also apply to pages promoting fraudulent financial products (a fine example are the numerous pages associated with the OneCoin MLM Ponzi scheme, which is currently under criminal investigations in numerous countries), or just to ads.

  

TAGS: facebook  ban  cryptocurrency  bitcoin  ad  ico  binary options 
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