According to the latest tech news, Facebook is planning to put a ban on all advertisements for cryptocurrencies, which includes Bitcoin, binary options and Initial Coin Offerings. This decision is a part of their latest “intentionally broad” policy against deceptive marketers. Product management director Rob Leathern explained this decision in a blog post, which said that Facebook does not want to promote products and services that are often associated with misleading promotional practices.
Digital currencies such as Bitcoin, Litecoin and Ethereum, and initial coin offerings have hit the mainstream, which has resulted in a number of scams. Leathern wants people “to continue to discover and learn” about these cryptocurrencies. However, there are currently many companies who are advertising binary options, ICOs that are not operating in good faith. Leather also added that “this policy is intentionally broad while the company works to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up.”
Currently, the plan is to continue working on working to improve and detect deceptive and misleading ads that pertain to cryptocurrencies, binary options and Initial Coin Offerings. The product management director also added that this decision is not final yet, and Facebook will revisit the rules once it is better for detecting such ads.
A few of the Facebook guidelines include a few examples of ban-worthy ads, including direct statements such as”Use your retirement funds to invest in a Bitcoin!” It also encourages Facebook users to report such ads that often slip through the cracks, even though it does not specify how much of a presence cryptocurrency had on its advertising network before this change.
However, Facebook does not have this rule for all finance related ads. It allows some sensitive financial ads with a few restrictions.
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