Facebook Says NO to Cryptocurrencies and ICOs

Social media giant Facebook said on Tuesday it has adopted a new policy that bans the advertising of...

by Pavel Velichkov
30 January • 2 min
In News

Social media giant Facebook said on Tuesday it has adopted a new policy that bans the advertising of binary options, initial coin offerings (ICOs) and cryptocurrency for safety reasons.

“Misleading or deceptive ads have no place on Facebook,” Product Management Director Rob Leathern said in a statement, adding that ICOs and cryptos are “frequently associated with misleading or deceptive promotional practices”.

The clash of two giant modern life factors such as Facebook and cryptocurrencies is a sight to behold.

Facebook is a giant media channel that shapes and heavily influences public opinion in more than one aspect. One way of communicating interests to its customers is Facebook Ads. A platform as massive as this one has the tough responsibility to decide what kind of information it can stand behind and promote and what sort of information it does not wish to back.

 

Safety first

 

All the well-known crypto coins, such as Bitcoin, Ethereum, and Litecoin, have become so popular, that they attracted the attention of hackers all over the globe and therefore, unwillingly, became the cause for many scams and illegal activities.

As the number of crypto scams grows, Leathern takes the threat quite seriously and admits there are many crypto-advertising companies, which do not operate in good faith and are looking for shortcuts. He also admits that Facebook’s new advertising policy might seem a bit radical and drastic at the moment, but it has been designed like that on purpose with thoughts directed towards dealing with the problem first and improving the policy – second.

The next step for the social media giant is to start collecting data and develop a better algorithm that detects potential crypto scam ads. Facebook users are advised to remain on the look-out for and report any suspicious crypto content that they think should not be available online. 

This advertising policy does not necessarily express Facebook’s position on cryptos. In fact, Facebook wants people to explore and continue educating themselves in this field, but it can’t afford the potential damage scam ads might cause.

Now that Facebook has made the life of scammers and hackers around the globe a bit more difficult, it can turn towards improving its policy so that honest businesses can get their fair chance at advertising.