Social media giant Facebook has now banned all cryptocurrency advertisements – including Bitcoin and all other cryptocurrency with a goal to avoid promotion of what is being called “financial products and services frequently associated with misleading and deceptive.”
Cryptocurrency has boomed way more than it would in just one year, thanks to unbelievably unrealistic ‘Bitcoin’. However, popularity comes with fraudulent activities, especially when it is about people ready to give away stacks and stacks of money and expect a currency in return – that doesn’t even exist for real and is just a piece of code. Facebook has shown concern rising interest and prices of cryptocurrency has led to malicious scammers trying to defraud people with fake services. Facebook really is one of the most popular social media platform and hence it has become a medium of spread of misleading and deceptive advertisements.
Facebook has reported that a large number of people are using the website to advertise misleading and fake offers. Interestingly, one of the most popular tagline is: “Use your retirement funds to buy bitcoin”. In a bid to stop such malicious activity, Facebook has banned all cryptocurrency advertisements – including Bitcoin and all other cryptocurrency, calling it “financial products and services frequently associated with misleading or deceptive promotional practices.” This means, advertisers or service providers, including those who operate legal, legitimate businesses will no more be able to promote any cryptocurrency related advertisement, initial coin offerings (ICO) or binary options.
Now on, advertisements that violate Facebook’s new policies will be banned from Facebook’s core website and app network – as well as from all the places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps. On the other hand, Mark Zuckerberg has expressed keen interest in integrating with technologies powering cryptocurrency into Facebook. Which means, the company is removing the malicious or externally controlled information and trying to centralise control in its own hands to ensure legitimacy and authenticity.