After the sudden rise in Bitcoin’s value, newer cryptocurrencies have started lining up and Facebook has been chosen as their primary source of marketing.
While not all of them are fake or fraudulent, most of them are backed by scammers. The social media giant considers them as “financial products and services frequently associated with misleading or deceptive promotional practices.”
To counter the situation, Facebook has decided to ban all ads promoting cryptocurrencies whether it’s about Bitcoin or an Initial Coin Offering (ICO).
A Clean Sweep for All Crypto Advertisers
False advertisement on Facebook was a genuine problem in the cryptocurrency markets, but this decision will affect every single crypto advertiser, including those who legally operate it as a legitimate business.
So from now on, we won’t be seeing all those ads about the self proclaimed “crypto genius” James Altucher on Facebook. Rob Leathern, who works at Facebook as an ad tech director, writes about the new update:
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.
The Impact
This will not only affect Facebook’s core app, you’ll also witness the impact of this ban on Facebook sells ads, Instagram and on the Audience Network (Facebook’s 3rd party ad network).
We are looking forward to seeing less of the useless cryptocurrency ads, a big amount of which are sponsored by scammers, targeted at those who were deeply impressed by BTC’s rise without knowing the facts behind it.
Facebook surely has to face the music, as the legitimate crypto investors and dealers will be protesting against the ban.
Via CNBC
