Facebook has decided to ban all ads that feature cryptocurrency such as bitcoin and initial coin offerings, which is part of a sweeping set of changes put in place to combat deceptive marketers, Facebook explains, calling the new policy "intentionally broad."
In a blog post, Facebook said it would no longer accept ads that "promote financial products and services that are frequently associated with misleading or deceptive promotional practices."
Not A Permanent Ban
It's not a permanent change, though, as the company said it would try to revisit the new policy when it becomes more efficient at detecting and deleting bad ads. The reason behind the move is that Facebook wants its users to be able to see an ad on the site without fear of being scammed or deceived.
There are a handful of companies currently advertising ICOs, bitcoin, and cryptocurrencies on Facebook, and of course, a great number of them are operating in ill faith. The new policy is, again, deliberately broad while Facebook works to improve its detection of bad and fraudulent ads. Moreover, it's not only Facebook that'll be affected by the change — it's also Instagram and its Audience Network.
The company notes that the new policy isn't foolproof, and so is its detection methods. There's no guarantee that all bad ads will be found and promptly pulled from the site. So Facebook encourages the community to report ads or other types of content that violate its advertising policies. Users can do this by clicking on the upper right-hand corner of the ad.
Cryptocurrencies have hit the mainstream, which has promptly resulted in a number of scams and hoaxes to come into the fore. While Facebook wants users to discover and learn more about such products, it has to remove bad actors and policy violators. Wild price fluctuations of cryptocurrencies have also duped a lot of people.
Expect companies, especially investors and entrepreneurs, who will inevitably slam Facebook's new policy and argue that the move unfairly affects legitimate cryptocurrency services. It should also be noted that two investors in Facebook's board of directors run firms that prominently back the cryptocurrency movement, and the head of Messenger is part of crypto exchange Coinbase's board.
Thoughts about Facebook's new policy? Do you think it should ban all forms of ads for cryptocurrencies? As always, if you have anything to share, feel free to sound them off in the comments section below!