Facebook Bans Ads For Bitcoin, Others

Facebook Bans Ads For Bitcoin, Others

Like This Video 0 123428 rauf shola
Added by February 1, 2018

Social media giant Facebook says it is banning all advertisements related to cryptocurrencies in an effort to fight scams.

Facebook said it is barring ads for “financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”

Initial coin offerings or ICOs are a way for companies to raise funds by selling investors cryptographic assets.

This week, for instance, the US Securities and Exchange Commission shut down an initial coin offering by a Texas company called AriseBank.

AriseBank was accused of relying on celebrity endorsers such as boxer Evander Holyfield and social media to cheat investors out of $600 million of its goal of $1 billion for a currency it called “AriseCoin.”

In a blog post announcing the news, Facebook product management director Rob Leathern hinted that Facebook may modify the new policy at some point to allow bona fide crypto-related businesses to advertise again.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Leathern wrote. “That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”

“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve,” he added.

Similar Videos

Fire Destroys 40 Trucks In Onitsha Market

0 104277 0

More than 40 trucks were burnt, on Monday, at Mercedes Benz Market, Nkpor, near Onitsha, Anambra state. No life was lost. It was gathered that most of the vehicles displayed for sale were destroyed by the blaze. According to the

UCL: Spurs Come From Behind To Earn A Draw At Juventus

0 148055 0

Tottenham Hotspur battled from two goals down early in the first half to level 2-2 against Juventus in the first leg of the Champions League second round in Turin on Tuesday. Spurs were rocked early on as Gonzalo Higuain scored

Reno Omokri Condemns Announcement Of Ekwueme’s Foreign Medical Trip

0 148996 0

Former New Media aide to ex-President Goodluck Jonathan, Reno Omokri, has condemned Presidency’s announcement of approval for overseas treatment of ailing ex-Vice President Alex Ekwueme. In a post on his Facebook page, Omokri said there was nothing extraordinary about the

No Comments

No Comments Yet!

No Comments Yet!

But You can be first one to write one

Write a Comment

Your data will be safe!

Your e-mail address will not be published. Also other data will not be shared with third person.
Required fields are marked*