Facebook is now a very common name for all people across the world. Facebook is no more a platform just to find and interact with people in any corner of the world, but it has now become an informative portal too. Facebook newsfeed now a days is filled with all the current news updates so as to keep us updated with what is happening in the world. Facebook has always believed in delivering the right information in the society.
Considering this, Facebook has taken a big step which is worth appreciating. Facebook banned ads for promoting cryptocurrencies including Bitcoin, ICOs and Ethereum as well. Social Media giant Facebook announced on 30th January, that they will no longer support and promote the advertisement of the financial products and services which they think are misleading or deceptive promotional practices.
Facebook updated this information in its Prohibited Content stating the ban on displaying promotional content based on not just cryptocurrencies, but also binary options, ICOs for short and other coin offerings. Initial coin offering termed as ICO has created a negative perception in the minds of the people by encouraging them to purchase new cryptocurrency before it is even launched in a hope that someday the worth of the cryptocurrency will be much more so as to earn a profit from it.
Product Management Director, Rob Leathern gave a clarification on this decision stating that this action does not reflect Facebook’s opinion on Cryptocurrencies, but this action has been taken with the motive of removing all the possibilities of scams which are used to manipulate the users. Facebook wanted people to discover and look for new products and services without any fear of scams or deceptions.
Ads violating the policies of Facebook will not only be banned from Facebook but will also be banned from all those platforms where ads are being sold by Facebook which includes Instagram and other Audience Network.
The type of ads which has been banned on Facebook includes content like “Click here to get more details on our no-rish cryptocurreny”, “New ICO! Buy tokens at a 15% discount NOW!” or “Use your retirement funds to buy Bitcoin and increase your wealth”
Leather also explained that this policy has been introduced with a broader aspect and one of the major objectives of this policy is also to detect the scams and the misleading advertisement practices. This policy is also applicable for adverts on Instagram and other external websites like audience network which are a part of Facebook.
This move of Facebook is an attempt in order to protect the integrity of its advertising platform and also to provide an assurance and satisfaction to the users, that the platform they are relying on is completely safe to depend on and will never put them in difficult situations.