Facebook is banning all ads cryptocurrencies

Facebook is banning all ads cryptocurrencies

Facebook is banning all ads cryptocurrencies

Facebook Product Management Director, Rob Leathern, stated the platform's team has created a new policy that prohibits 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. In short, Facebook has banned cryptocurrency ads but also ads for several other financial products which, unfortunately, have become more prone to scams or questionable practices.

The broad scope of the policy is expected to ruffle the feathers of legitimate advertisers, however, at least until Facebook can refine its standards.

The announcement comes weeks after Facebook chief executive Mark Zuckerberg acknowledged the potential of cryptocurrencies to wrest power away from "centralized systems".

The policy will be "intentionally broad" while Facebook works to understand which ads are deceptive or misleading, from companies "not now operating in good faith", the company said Tuesday in a blog post.

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Facebook is willing to take a hit to its wallet to make sure its users don't.

Facebook is cracking down on cryptocurrencies by using one of its most powerful tools: Access to its massive advertising megaphone. It's also unclear how the many Facebook Groups which are focused on cryptocurrencies will be affected by the ban, if at all.

Our say: I'm really seriously exhausted of advertisements that proliferated the Facebook Ad Network and Google Ad Network with regards to cryptocurrencies.

The social media giant posted the new policy to a company blog today. Facebook, along with its other properties including Instagram, won't allow ads that say "Use your retirement funds to buy Bitcoin!" for example, or those that promote binary options trading, a risky derivative with an all-or-nothing payoff.

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