Facebook has decided to ban ads that promote ICOs and cryptocurrencies. Apparently, the company is trying to fight against scammers and stealers profiting from the lack of knowledge about the topic. According to Facebook the intention is to stop spreading ‘financial products and services frequently associated with misleading or deceptive promotional practices.’
Facebook Bans ICO and Cryptocurrency Promotional Content
It is not the first time that Facebook bans something that believes it is harmful for its community. With ‘fake news’ spreading everywhere and ICO scams appearing in the news, the famous social network has taken a step forward banning ICO and Cryptocurrency promotions.
In a blog post, Rob Leathern, Product Management Director wrote:
“Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook.”
The products that now will be prohibited are binary options, initial coin offerings and cryptocurrencies. According to the company, these products are associated with misleading or deceptive promotional practices. The examples that Facebook will forbidden are these ones:
- ‘Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world.’
- ‘New ICO! Buy tokens at a 15% discount NOW!’
- ‘Use your retirement funds to buy Bitcoin!’
But this ban includes also James Altucher. He has been placing ads on internet and the crypto community has taken him as a sort of meme.
The post signed by Mr Leathern keeps explaining:
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.”
While it is up to the individual to invest in an ICO or the cryptocurrency world, the fact is that there is plenty of scams. Cryptocurrencies are per-se a risky investment, it is important to always invest what the investor is able to comfortably lose. The problem begins when retirement funds and loans are used by unsophisticated investors.
As an alternative for Facebook, we recommend you to try Coinzilla for banners – but only for solid projects or ICOs. They don’t accept anything related to HYIPs or Bitconnect type of scams.