Facebook to Bans All Ads Related to Cryptocurrency and ICOs. Cryptocurrency game is on fire nowadays and crypto advertisers are using many social website to promote it but on the other hand there are many fake advertisements to create the trouble. Following the situation, Facebook has taken a decision to ban all ads promoting cryptocurrencies whether it’s about Bitcoin or an Initial Coin Offering (ICO).
Following the abrupt rise in Bitcoin’s value, newer cryptocurrencies have started lining up and Facebook has been preferred as their prime source of marketing and advertising.
To the matter of fact, not all of them are fake or fraudulent however most of them are supported and financed by scammers. The social media giant believes them as “financial products and services frequently associated with misleading or deceptive promotional practices.”
Apart from the fact that false advertisement on Facebook was a real problem in the Cryptocurrency markets, this decision however will affect every single crypto advertiser, as well as those who legally operate it as a lawful business.
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James Altucher on Facebook said that from now on, we won’t be seeing all those ads about the self proclaimed “cryptogenius”.
Rob Leathern, who officially works as an ad tech director at Facebook writes about the latest update:
“This 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.”
What will be the impact?
The current decision will impact on larger scale as it will not only affect Facebook’s core app but on the other hand you’ll also see the impact of this ban on Facebook sells ads, Instagram and on the Audience Network like Facebook’s 3rd party ad network.
Moreover, from now we hope we’ll see less of the useless Cryptocurrency ads as a big sum of which are sponsored by scammers, targeted at those who were extremely overwhelmed by BTC’s rise lacking the facts behind it.
However, Facebook will certainly face some objection, as the legitimate crypto investors and dealers will be protesting in opposition to the ban.
