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Tech: Facebook bans advert of bitcoin and all cryptocurrencies on its platform

Facebook bans advert of bitcoin and all cryptocurrencies on its platform

Does this mean something is clearly wrong with Bitcoin and other cryptocurrencies?

Facebook has announced the ban on all advertisements for cryptocurrency exchanges on its platform with immediate effect.

The social media company disclosed on Tuesday, January 30, 2018, that is effectively banning all "misleading financial products” on its platform.

“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,” Facebook said.

“We also understand that we may not catch every ad that should be removed under this new policy, and encourage our community to report content that violates our Advertising Policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad.”

According to Facebook, this move is to protect consumers from potential fraudsters and scams.

Since 2016, the interest in cryptocurrency and price have skyrocketed. However, Bitcoin and others are notoriously hard to regulate. Also, it is highly volatile (increase or decrease sharply), hence making it fertile ground for scammers and predators.

Earlier in January 2018, a Japanese cryptocurrency platform, Coincheck, lost $400 million worth of NEM tokens to hackers. The attackers transferred about 500 million tokens to an unknown party.

“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,” Facebook’s release states.

“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.”

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