Fan Facebook is currently banning all advertisements promoting cryptocurrencies that also have bitcoin. It is an effort by Facebook to prevent advertisements regarding “financial products and services which are related to misleading and promotional practices.”It is really a surprising step by Facebook which came overnight. The company is aware of the sudden hike in the price of Bitcoin in the last couple of months. This made the investment in cryptocurrencies quite popular. But, scammers started targeting users using crypto-investment and initial coin offerings adverts on several social media platforms. Facebook is not alone to take strong steps against such adverts for users safety. Several other social media’s have also taken the necessary steps to prevent scams.
• Rob Leathern, who is the new Product Management Director of Facebook Ads announced to ‘protect the trust of people in Facebook’s business products’. In short, no individual or legitimate institution or business will be able to promote cryptocurrencies like bitcoin, ICOs (initial coin offerings), etc.
• Its new policy designed by Facebook. According to this policy, ads which violate the company’s new policy will be banned on its app and related networks including third-party apps. The bubble of cryptocurrencies has led to huge scams which have cost a lot of people. Scams and gambling by making investment seem same.
• Bitcoins have surely made hype in the market and attracted everyone to invest in it. A number of people including many tech leaders have shared their positive views on Blockchains and Bitcoins. Even Mark Zuckerberg shared his opinions regarding cryptocurrency technology. He said it uses a decentralized system which takes power from the governing body and gives it in the hands of people. He also added that he would like to find and study how cryptocurrency could be used on Facebook. So, its quite surprising when Facebook banned all the cryptocurrency related adverts. But at last, security of its users is more important because the number of Facebook users have already been victims of such misleading adverts and deals.
• On Reddit, some users shared their opinions that Facebook is getting ready to launch its own Cryptocurrency in the market. It can be a possible reason why Facebook made such a policy.
• This update is not live at all places. It is not possible to make such a strong update live at once. Hence, you will find some crypto-related offers and your ads still running. But some marketers have already faced such ban according to new policies. As Facebook decided to ban everything related to crypto, your ICO or advert will get ban even if it’s not a scam or even if you are a legitimate business owner.
Facebook also announced to revise its policy after collecting some more data. So, there is hope for crypto industries to get back into Facebook Advertising soon.