CRYPTOCURRENCY PROMOTIONAL ADS NO MORE ALLOWED ON FACEBOOK

Facebook in its advertising policy revision has mentioned of banning all ads that promote cryptocurrencies, including bitcoin and ICO’s. This is in an effort to prevent people from promoting and advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices.”

Its action came the same day as news of US regulatory activity against cryptocurrency issuers, including a move by the Securities and Exchange Commission to shut down an initial coin offering promoted by the former boxer, Evander Holyfield.

That means no advertiser — even those that operate legal, genuine businesses — will be able to advertise things like cryptocurrencies, bitcoin altcoins and initial coin offerings (ICO’s)or binary options, according to a Facebook blog post.

This post reads that Ads that violate the company’s new policy will be banned on Facebook’s core app, but also in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps.

A Facebook representative said user grievances about scams had generated the move, which comes less than a month after Mark Zuckerberg, Facebook’s co­founder and chief executive, said he would “study the positive and negative aspects” of cryptocurrencies

“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,” wrote Rob Leathern, one of Facebook’s ad tech directors. “We will revisit this policy and how we enforce it as our signals improve.”

This move from Facebook also one of the reasons that resulted in slumping in prices of major cryptocurrencies

Recently Bitcoin and other cryptocurrencies are facing growing scrutiny amid fears investors are putting money in without being aware of the risks and that the boom is being exploited by scammers and criminals.