Facebook says it is banning all ads related to cryptocurrencies in an effort to fight scams.
The social media giant said it is barring ads for “financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
Initial coin offerings or ICOs are a way for companies to raise funds by selling investors cryptographic assets.
Fraud is common in the world of red-hot digital currencies such as bitcoin.
This week, for instance, the US Securities and Exchange Commission shut down an initial coin offering by a Texas company called AriseBank.
AriseBank was accused of relying on celebrity endorsers such as boxer Evander Holyfield and social media to cheat investors out of $600 million of its goal of $1 billion for a currency it called “AriseCoin.”
In a blog post announcing the news, Facebook product management director Rob Leathern hinted that Facebook may modify the new policy at some point to allow bona fide crypto-related businesses to advertise again.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Leathern wrote. “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,” he added.
News source
Good information
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice research bro, keep them coming.
Keep Steeming🍜
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by shizzy from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit