Facebook has banned Cryptocurrency ads from their social network

Facebook has banned Cryptocurrency ads from their social network

Facebook has banned Cryptocurrency ads from their social network

In recent months Cryptocurrencies have become the new hot topic, especially with the recent rise of Bitcoin throughout 2017. This surge in popularity has prompted a lot of companies to emerge surrounding the blockchain technology that underpins the cryptocurrency, with new currencies appearing on an almost daily basis as entrepreneurs attempt to take advantage of the craze. 

Today advertisements regarding cryptocurrencies are common, though the unregulated nature of the industry has also brought a lot of shady business practices into play, with many ads being misleading, deceptive or part of a potential scam.  

Facebook has taken action against the rise of misleading Cryptocurrency advertisements, outright banning any advertisements regarding Initial Coin Offerings (ICOs) and Cryptocurrencies in an attempt to clean up the company’s adverting options. This change comes at a time when the eyes of regulators are becoming increasingly focused on the Cryptomarket, with multi-million dollar hacks and news of fake ICOs being frequent occurrences. 

This ban will apply to Cryptocurrency mining hardware, bitcoin wallet providers and pretty much anything to do with cryptocurrencies, though Facebook has stated that they will “revisit this policy and how we enforce it as our signals improve”, suggesting that the ban could be lifted in the future.  

Facebook has banned Cryptocurrency ads from their social network

 

Earlier today Bitcoin’s price dropped to under $10,000, recovering slightly to a value of $10,055 at the time of writing. 

You can join the discussion on Facebook’s ban on Cryptocurrency ads on the OC3D Forums.