The social network tries to get rid of cryptocurrencies bad press
With the aim of “improving integrity and security of financial product and services ads”, the giant social network Facebook bans all advertisement related to bitcoin, cryptocurrencies, and ICOs. The new rule states that the ads must not promote products / services that are associated with misleading and deceptive practices. Among them, it includes binary options and initial coin offerings.
Furthermore, Rob Leathern, Product Management Director, stated that their aim is to people discover new products and services through Facebook without any fears of scams and deception. Also stated that there are many companies who advertises those products and services that are not operate in good faith.
In addition, Facebook describes its policy as “intentionally broad”, thus it will ban all cryptocurrencies related ads. As an example, the rule bans ads about Bitcoin wallets, along with related mining hardware too. Also, the company encourages their users to report any violation to this rule in case they do not catch an malicious ad.
As redacted, this policy is probably unfair, as also tackles legitimate crypto businesses. On the other side, Facebook stated that they will review the policy over time in order to improve it. In conclusion, we need to wait to give a final say regarding this Facebook’s business choice.