Facebook Is Banning All Ads Promoting Cryptocurrency
Facebook is banning all ads that promote cryptocurrencies from its website including those from established digital currencies such as Bitcoin, Ethereum, and Ripple. According to the social network, the move is aimed at preventing people from advertising what they are calling "financial products and services frequently associated with misleading or deceptive promotional practices."
The company announced the ban in a recent post saying that no advertiser, even those that operate legal businesses, will be able to promote cryptocurrencies, initial coin offerings, or binary options on their website. That includes "crypto-genius" James Altucher, whose ads have been popping all over social media and has become a meme of sorts for the entire cryptocurrency industry.
Ads that violate this new policy will be immediately banned not just on Facebook's core app but also in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which sells ad spaces on third-party apps.
"This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices," wrote one of Facebook's ad tech directors, Rob Leathern. "We will revisit this policy and how we enforce it as our signals improve."
Following the rise of Bitcoin, companies offering their own cryptocurrencies began popping up to cash in on the 21st Century gold rush. To promote their coins, many of these companies began using Facebook ads aggressively, claiming that their new coins will be next big thing. Sadly most of these companies are far from being legitimate only looking to part unwitting victims with their money.
While the move will definitely make it harder for shady coin-preneurs to promote their products, it will also make it harder for legitimate businesses. It's only a matter of time before blowback from entrepreneurs and investors hit Facebook.
Not that it would matter though as Facebook is currently concerned with the integrity of its advertising platform which, for the past year, has been under fire for allegedly enabling Russian propaganda as well as inappropriate content.
