Facebook banning ads that promote cryptocurrencies, ICOs and binary options

Jon Howard
February 3, 2018

The social network has created a new policy prohibiting the advertising of financial services linked to binary options, initial coin offerings (ICOs) or cryptocurrency. "Misleading or deceptive ads have no place on Facebook", said Rob Leathern, product-management director at Facebook.

This Facebook blog post says it all - and as we understand, this means no advertiser, even those who are legitimately running businesses that involve bitcoin and ICOs can not promote their cryptocurrency offerings.

This move from Facebook could "better detect deceptive and misleading advertising practices" and safeguard users from online scammers running false offers and trying to pump hard earned money out of people's pockets.

Earlier this week, the SEC filed a suit against cryptocurrency banking company AriseBank for alleged fraud and issuing unregistered securities during its recent ICO.

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This said the post, included promotional adverts for cryptocurrencies like bitcoin, and the Initial Coin Offerings that give people an opportunity to purchase into a new cryptocurrency. Enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. "Buy tokens at a 15% discount Now!"; and "Start binary options trading now and receive a 10-risk-free-trades bonus!"

However, there are also plenty of ICOs, whereby people are encouraged to buy new cryptocurrencies before they launch in order to capitalise upon and future growth, that lack any regulatory safeguards.

A Google spokesperson provided me with this statement: "Mining cryptocurrency through ads is a relatively new form of abuse that violates our policies and one that we've been monitoring actively". Any advertorial content that falls under this new policy that users feel should be allowed can still be disputed with Facebook's help desk.

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