Facebook Bans Bitcoin, ICO Ads

First it was a crackdown on "fake news", then on Russian ads, now it's cryptos.

In a statement posted on its website on Tuesday afternoon, Facebook announced that it has created a new policy "that prohibits ads 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."

Facebook lists the follow four examples of ads that will no longer be allowed:

And here is the justification:

We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.

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. We will revisit this policy and how we enforce it as our signals improve.

We also understand that we may not catch every ad that should be removed under this new policy, and encourage our community to report content that violates our Advertising Policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad.

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.

It is worth noting that the last time Facebook actively engaged in content moderation, when it implemented a "fake news" flag only to see demand for "fake news" stories surge, it will be interesting to note if Zuckerberg's latest attempt to sway public opinion backfires, and leads to even more demand for cryptocurrencies.

As for stunting the popularity of cryptos, if bitcoin, ethereum et al, are indeed dependent on facebook readers to keep the price rising, then it is probably time for a cleansing crash.

Comments

TheDude1224 ultraticum Tue, 01/30/2018 - 14:39 Permalink

This is actually a good thing for FB to go after. These advertisements come from low-income, low-education, and often foreign assholes. This has nothing to do with real cryptos, but rather are terrible and annoying scams. As a regular author about MLM and its BS (www.themlmsyndrome.blogspot.com), these fake crpyto douchebags have been all over the MLM "business opportunity model". These things are a gigantic nuisance, and if you need any reference to how awful they are, then check out "One Coin" and what is happening to them (they overtook Amway). 

In reply to by ultraticum

zerocash Herd Redirecti… Tue, 01/30/2018 - 16:08 Permalink

I was at around $17 per BTC. People thought I was mad and that I would lose all my money. People now think I went bankrupt because the television is saying it is a scam, went to zero and/or was banned by gubmint. I remember people here mocking Fonestar with his “tulips” that wouldn’t survive an EMP and gubmint turning off the internet and the electrical grid.

In reply to by Herd Redirecti…

TheDude1224 CorporateCongress Tue, 01/30/2018 - 14:39 Permalink

This is actually a good thing for FB to go after. These advertisements come from low-income, low-education, and often foreign assholes. This has nothing to do with real cryptos, but rather are terrible and annoying scams. As a regular author about MLM and its BS (www.themlmsyndrome.blogspot.com), these fake crpyto douchebags have been all over the MLM "business opportunity model". These things are a gigantic nuisance, and if you need any reference to how awful they are, then check out "One Coin" and what is happening to them (they overtook Amway). 

In reply to by CorporateCongress

Meat Hammer Tue, 01/30/2018 - 14:29 Permalink

Zioberg won't allow any threat to the Tribe's joobucks.

However, the more they try to stop it the stronger it will get.  Freedom is coming back in style.

HRClinton Meat Hammer Tue, 01/30/2018 - 16:16 Permalink

As of late, all the Ziobuck backers have been circling the wagons and are coming out to defend it against CCs.

Here is a Bankster-Award winning economist, (((Nouriel Roubini))), doing his level best to diss BTC, CCs and even the underlying technology:

https://www.project-syndicate.org/commentary/why-bitcoin-is-a-bubble-by…

To borrow from Hamlet... "The (((Economist))) doth protest too much, methinks"

In reply to by Meat Hammer

ted41776 Tue, 01/30/2018 - 14:30 Permalink

facebook is for marketing bots and corporate communication. most people i know stopped using it a long time ago. down in the dust bin of history along with vhs tapes and myspace somewhere in a land far away called irrelevance