Big news come from the leading social media network Facebook. According to a recent blog post, Facebook is banning all ads that promote cryptocurrencies including Bitcoin. This comes as an effort to prevent people from advertising what the company knows as “financial products and services that are frequently associated with misleading or deceptive promotional process”.
If you are wondering what this means, it is basically no advertising for all cryptocurrency businesses. Even the ones that operate legal and legitimate businesses will face the new rules and regulations.
If you remember James Altucher’s ads that appeared everywhere online, promoting him as a ‘crypto-genius’, the last time you saw them was truly the last time. Even Altucher won’t be able to advertise on Facebook, as well as many others in the same niche.
Basically all ads that violate the company’s new policy will be banned on the Facebook app but also in other places where Facebook sells ads such as Instagram and its network (Audience Network) which places third-party apps.
One of Facebook’s ad tech directors has stated that ““The policy is intentionally broad while we work to better detect deceptive and misleading advertising practices. We will revisit this policy and how we enforce it as our signals improve.”
The move by Facebook comes after series of scams with wild price fluctuations that have cost people a lot of money. While scams are illegal, gambling on investments in the crypto space certainly isn’t.
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