Facebook bans crypto-currencies ads2018-02-01
Following persistent complaints about fraudulent crypto ads, Facebook has issued a ban. According to a new decision issued on January 30, advertisements should not promote financial products and services frequently associated with fraudulent promotional practices, such as cryptocurrencies or ICOs. This initiative is sure to be well received by social network users and bitcoin enthusiasts, who recognize that these ads are far from promoting the benefits of virtual currencies.
"Dislike" feature for misleading ads
Facebook is far from the ideal platform to learn more about crypto-currencies. Its users tend to be people who do not know this technology. Thus, this social media is the place where crooks can operate easily. Individuals like James Altucher, who made a misleading ad about Bitcoin, are the most hated personalities in the cryptocurrency community.
In an article published Tuesday, Facebook's product management director, Rob Leathern, wrote that they want users to continue to discover and learn new financial products and services through more relevant ads. That said, there are still companies that broadcast ads related to fraudulent ICOs.
A decision in favor of the development of crypto-currencies
Advertisements posted on Facebook disadvantage crypto-currencies. Scams such as Bitconnect and Arise Bank are now allowed to grow on platforms like Facebook. The advertising policy of this social media is particularly difficult. The list of dietary foods and supplements that he will not mention, for example, is very broad. And there also seems to be a problem with the display of some content.
ICO and cryptographic projects can now be added to this list. Companies that have merit should not need paid advertising. If a product is truly innovative, there are many ways to create a buzz and form an active community without using Facebook.