Facebook, the social networking giant starts banning ads that promote Cryptocurrencies like Bitcoin on its platform. As per the company, people use deceptive promotional practices to promote these financial products.
Facebook Bans Cryptocurrency Ads
That means Facebook will ban ads from Cryptocurreny advertisers even those that operate under license and run legally and legitimately. A Facebook blog post said that no promotions would be allowed for Bitcoin, other Cryptocurrencies and initial coin offerings.
The blog post said that ads flouting Facebook’s advertisement policy will be banned on Facebook’s core app, Instagram and its ad network, Audience Network, which places ads on third-party apps. The company explains the move by saying:
“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.”
Until recently, there have number of Cryptocurrencies scams been reported that led to wild price fluctuations and drastically hit investors who lost a lot of money due to unsophisticated investors and unregulated trade practices.
The move has received mix reactions. Some seems in support of banning the ads while some are of the thought that the move is an unfair jolt for the legitimate Cryptocurreny companies and related crypto products.
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