Facebook bans cryptocurrency, ICO adverts
The social network claims many crypto-related finance companies employ underhanded tactics to lure victims.
Social media website Facebook is pulling advertisements relating to cryptocurrencies and initial coin offerings.
Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings (ICOs) or cryptocurrency.
Leathern said Facebook wants its users to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception, claiming many crypto-related finance companies employ these underhanded tactics to lure potential victims.
Members of the social network have likely encountered ads pitching ICOs, too-good-to-be-true investment returns and financial rewards for early participation. Other ads include investment advice for crypto traders.
Facebook says the policy is intentionally broad, to better detect deceptive and misleading practices. The rules will be rolled out and enforced on all platforms including Facebook, Audience Network and Instagram.
“We will revisit this policy and how we enforce it as our signals improve,” Leathern said.
“This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.”
The Facebook community is encouraged to report any content that they believe violates advertising policies. This can be done by simply clicking on the upper right-hand corner of the ad and filing an online complaint.
During April last year, international money transfer provider, MoneyGram, introduced a new service that allows customers in the US to transfer funds worldwide by simply texting a desired recipient on Facebook Messenger.
Facebook just announced its Facebook Gaming pilot program for video game livestreamers, offering a suite of tools to stream incredibly high quality gaming videos on Facebook, Instagram and Oculus virtual reality.
Tech giant Samsung has reportedly entered into a contract to manufacture specific-use cryptocurrency mining hardware in order to supply an unnamed Chinese company, growing competition in a monopolized market.