Facebook bans cryptocurrency ads

Facebook bans cryptocurrency ads

Facebook says it is banning ads for financial products often associated with deceptive practices, including those involving cryptocurrencies such as bitcoin.

In a post today, Facebook announced that it banned cryptocurrency ads and ads for initial coin offerings (ICOs) and also ads for other financial products such as binary options.

"There are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith", the post said. "People can report any ad on Facebook by clicking on the upper right-hand corner of the ad", it said.

With Facebook now cracking down on cryptocurrency ads, legitimate projects may also bear the brunt of the prohibition and will have to explore other avenues for reaching out to potential users and investors. Among those who will be affected is James Altucher, a self-described "crypto genius" whose viral ads have become a talking point in how the cryptocurrency boom has led to scams and wild price fluctuations.

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Facebook said its new advertising rules are "intentionally broad" as the tech firm works on improving how it detects scams on the world's largest social media site.

Even those already invested in cryptocurrencies said the decision could be used to their advantage. Much of the company's bad-actor detection focuses on advertisements that maliciously mine cryptocurrencies by using the computing power of unsuspecting people.

The SEC's involvement brings to an end the ICO of AriseBank, which claims it has raised $600 million of a $1 billion goal, according to CNBC. The US Securities and Exchange Commission said this week that it got a court order freezing the assets of an alleged initial coin offering scam by AriseBank.

Ultimately, it seems that Facebook is just trying to play it safe - both on their end and for its users.

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