Updated policy bans cryptocurrency adverts on Facebook

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Facebook has added a new section to its list of prohibited content that users cannot advertise – cryptocurrency.

The social network has said that there are a number companies advertising binary options, initial coin offerings and cryptocurrencies on Facebook that are not operating in good faith.

So in a bid to quell unsavoury companies from profiting off of unsuspecting users Facebook has banned adverts that, “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”

That is rather broad but that is completely intentional according to the social network.

“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram,” Facebook Product manager Rob Leathern said.

So for the time being Facebook is issuing a blanket ban on the advertising of crypto-related services which we do agree with. Allowing some and not others without the correct guidance could cause problems for Facebook.

This way the social network can protect users from advertisers who want to cash in before it is able to determine where exactly the problem is.

Facebook has said it will revisit this policy and its enforcement as it learns more.

“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,” Leathern concluded.

[Image – CC BY 0 Pixabay]

Brendyn Lotz

Brendyn Lotz

Brendyn Lotz writes news, reviews, and opinion pieces for Hypertext. His interests include SMEs, innovation on the African continent, cybersecurity, blockchain, games, geek culture and YouTube.