Facebook, Instagram Ban Ads on Bitcoin and ICOs As ‘Deceptive Practices’

Facebook, Instagram Ban Ads on Bitcoin and ICOs As ‘Deceptive Practices’

Around a month ago Facebook CEO and co-founder Mark Zuckerberg promised to look into crypto technologies, as well as to work on the errors that the company makes when precluding misuse of Facebook’s instruments. And it seems that there indeed has been a trespass of advertising tools on Facebook. There probably could have been lots of complaints concerning speculative ads on cryptos and ICOs that recently Facebook even decided to change its policy concerning these issues.

No More Speculative Ads

From now on, nobody is allowed to post ads on the network, endorsing ICOs and cyber money, including bitcoin, as the company considers such promos as deceitful activities. The ads prohibition applies not only to cyber-coins and initial coin offerings but binary options as well. And not the Facebook social network is currently adopting this policy, but the company’s platforms too, including Audience Network, the app network for advertisers, and photo-sharing app Instagram, will soon curb on misleading ads.

Having changed the advertising policy, Facebook released the letter of its Product Management Director – Rob Leathern – who wrote:

“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."

In the Facebook blog, it was highlighted that such ads have no place on the platform because they violate two of company’s advertising fundamentals concerning safety and interests of people. However, the company emphasized that it looks forward to advertising on the whole as it allows users to find out more about novel services and products.

But because there have been lots of malicious actors who used the subject of ICOs and bitcoin to promote their scams, Facebook had to ban their ad products and will no longer permit posting of its ilks, even from the legal businesses. Not even "bitcoin-guru" James Altucher, whose promos have spread all over the web and have turned into memes in the world of cyber money, will have the opportunity to advertise on this social network.

Will Facebook Unban Crypto Ads?

As it is mentioned in the blog, the company is going to work on finding reliable ways of discovering deceitful ads while the ban works. But once Facebook is done with this, it might reconsider the rules. Acknowledging that the company cannot spot every single scamming-ad, it called Facebook users for reporting about such activities.

Finally, Leathern pointed out that this act was a part of Facebook’s attempt to stop fraudsters from benefiting thanks to the network.