As a number of global regulators look into the ways of controlling the cryptocurrency craze, Facebook Bans Cryptocurrency and ICO Ads in a bid to protect the public from the firms that do not operate in a good faith.
31 January, AtoZForex – As cryptocurrencies spread out to reach wider groups of investors via social media, Facebook decided to take initiative. This internet giant has adopted a new advertising policy. According to the latest news, Facebook has banned all the Initial Coin Offerings (ICOs), Binary Options, and cryptocurrency ads on its platform.
Facebook Bans Cryptocurrency and ICO Ads
According to the Product Management Director of Facebook, Rob Leathern, the new Facebook policy bans ads that specifically promote the types of services and products “that are frequently associated with misleading or deceptive practices.”
Some of the cryptocurrencies, such as Bitcoin, Ethereum and Litecoin, and ICOs have been involved in a number of scams. According to Mr. Leathern, Facebook wants the public to “to continue to discover and learn” about those products and services, “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
Mr. Leathern also stated that the policy is quite broad, which is intentional. This social media platform plans to continue working on advancing the techniques to spot deceptive and misleading ads that pertain to cryptocurrencies, ICOs, and Binary Options.
Facebook says it will review this policy in the future. Leathern has stated:
“This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.”
How the news affected the crypto market?
I spoke to Yagub Rahimov, a cryptocurrency enthusiast, blockchain visionary, and award-winning trader. He has shared his views in regards to the current situation in cryptocurrency market.
“Look at the latest news coming from various countries, it is an organized attack to shut down this movement. I don’t mind Facebook banning those fake ICOs or fake promoters, however banning the entire industry has no sound logic.
Central banks are afraid of an economy that they can not control and they are doing all they can to limit the information reaching out to masses. This is how they can cut the demand and scare people off! Scared people sell their holdings and that is reflected in the market sentiment!”
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