Since some days, one of the biggest social media sites Facebook has started banning all the cryptocurrency advertisements. Facebook also has banned initial offerings and Bitcoin advertisement under its intentionally broad policy delusory market. Recently, Ron Leathern, Product management director informed that now Facebook will not consider ads which are connected prometon of financial products like cryptocurrency and services which are largely associated with misleading or false promotional activities. Well, this new decision is not for permanent time. It is expected that, if things will go right and when Facebook will get better false ads detecting practice, then it may revise the rules and may start accepting cryptocurrency ads.
Leathern further stated that people should continue to learn and discover new product and various new services via Facebook ads, but not through false ads or scams. Some companies are advertising about the cryptocurrencies, ICOs and more which are now losing trust from people. The intentionally broad policy always checks for deceptive and misleading advertising activities and will start to ban them different social media platforms like Instagram, Facebook, Twitter, etc. He stated, “We will revisit this policy and how we enforce it as our signals improve.”
There are many examples of cryptocurrency adds that has banned under the guidelines of Facebook. For example, “Use your retirement funds to buy Bitcoin!” It also advised people to report about any such ads.
As per the guidelines, for now, Facebook has permitted ads which are related to financial topics, but there is also some restriction. For this advertiser should give written permission for real-money gambling or gaming service, for instance, and bans of ads related to a false student loan to Facebook. The advertisers should target the users who are above 18 years of age. So, now it is expected that cryptocurrency ads also will get the same treatment.