Facebook (FB) has recently adopted new advertising policies that curb all ads that promote in any way cryptocurrencies, binary options and Initial Coin Offerings. This policy is specific on prohibiting ads that frequently mislead Facebook users with deceptive information and promotional practices.
In his blog post, Facebook Product Management Director Rob Leathern addressed this new ban “We’ve 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”. This means that no firm, even those that operate legit businesses, are allowed to promote any of the cryptocurrencies, ICOs or binary options.
With the current boom and bubble in the cryptocurrency world, the success in major coins like Litecoin, Bitcoin, Ethereum, as well as the overnight success of some ICOs, the number of scams too will definitely rise. While Facebook wants its users to continue learning and discovering these products and services, it takes note of all other companies advertising their products and do not operate in good faith.
Even Facebook themselves, through Leathern, recognize and admit that the policy is quite broad but yet intentional. This will assist in detecting misleading and deceptive ads that might lure users into scams. For those ads that will violate this new policy, Facebook will ban them completely from its core app as well as other sources where it sells its ads like Instagram, its ad network; Audience Network where it places advertisements on third-party applications.
All hope is not lost since Facebook stated that over time, it will revisit its current standings on the policy and its enforcement on these policies as they improve their systems. At the moment, users are greatly encouraged to report any cases of this policy violation as well as acts of deception and misleading information.
In his concluding statements to the post, Leathern stated, “This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook”. This assures its users of security in the ads that are posted on Facebook and more so financial security from firms that might be taking advantage of inexperienced people in the cryptocurrency market.