Facebook has recently banned all cryptocurrency-related advertisements on its social media platform an effort to eliminate deceiving financial product and service messages being touted to its users.
The ban does not only target illegitimate companies and persons but legitimate financial firms as well.
Facebook’s cryptocurrency advertising ban includes any content related to bitcoin and all other cryptocurrencies including Initial Coin Offerings (ICOs), and binary options.
Facebook is not against cryptocurrency per say, it has just found that most of the cryptocurrency advertisements being run on its platform were deceptive and often confused Facebook users as to what they were actually being offered.
The policy, which was implemented this Tuesday, is part of Facebook’s continuous monitoring and revamping of its advertising platform and regulations, the main intent of which is to keep the social media platform’s reputation as a legitimate advertising medium and not a place to make a “quick and sleazy” buck.
Those in charge of monitoring advertisements at Facebook have found that the majority of ads that were associated with cryptocurrencies and binary options were mostly misleading in nature and that is why the social media giant has decided to place an all-out ban on any advertisement having to do with them.
While Facebook has said that it will continue to review its policies regarding such advertisements in the future, for now, it is sticking to its guns until it has enough data to fully review the results of the ban.
Examples Of Banned Ads
Some examples of cryptocurrency ads that are now illegal on Facebook are as follows:
“Use your retirement funds to buy bitcoin!”
“Click here to find out about the no-risk cryptocurrency that can be sent around the world.”
Crypto Gold Rush Equals Scams
Not every cryptocurrency and related companies are scammers but it can not be denied that a slew of money laundering, tax evasion, and drug deals have been attributed to the recent crypto-craze, and this is exactly what Facebook wishes to avoid through its recent ad ban – being an accomplice to any criminal activity during this speculative boom.
Everyone Seems To Be Cracking Down
Facebook is not the only entity taking action against bitcoin and all the other cryptocurrencies these days, as just this week South Korea and other Asian countries have decided to create policies as well in hopes to more closely monitor the trading and investing activities of cryptocurrency.
Financial regulatory agencies, like the Securities and Exchange Commission (SEC), are also joining in on the bitcoin ban as they too have recently stopped an ICO from being offered because the firm’s executives had criminal records.