Facebook Takes Unprecedented Stance Against CryptoCurrency with New Ban
Jan 31, 2018, 04:35
Facebook is banning all ads that promote cryptocurrencies, including bitcoin, in an effort to prevent people from advertising what the company is calling "financial products and services frequently associated with misleading or deceptive promotional practices".
Bitcoin's value skyrocketed from just under $1000 to almost $14,000 per coin in 2017, prompting a wave of new investors and alternative cryptocurrencies coupled with a wave of opportunists looking to take advantage of crypto neophytes.
This Facebook blog post says it all - and as we understand, this means no advertiser, even those who are legitimately running businesses that involve bitcoin and ICOs can not promote their cryptocurrency offerings. It also means that Instagram and Facebook's third-party ad network, called Audience Network, is off limits.
While Facebook views cryptocurrency ads as being mostly misleading, the company is not against cryptocurrencies themselves according to BBC News.
The cryptocurrency boom/bubble has led to scams and wild price fluctuations that have cost a lot of people - including unsophisticated investors - a lot of money. He suggested that the policy could be changed in the future, although he didn't provide any kind of timeline, saying that as the company gets better at detecting and removing bad ads, the company "will revisit this policy and how we enforce it". Scams are illegal, but gambling on investments you don't understand is not.
The major spike in prices previous year of bitcoin and many alternative cryptocurrencies has sparked a surge of interest among investors and companies of all kinds. We hope that this move from Facebook won't make the cryptocurrency business look illegal, as it wasn't in the very first place.
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