Facebook Bans Ads for Cryptocurrencies and ICOs

Facebook CEO Mark Zuckerberg.   Justin Sullivan  Getty Images
Facebook CEO Mark Zuckerberg. Justin Sullivan Getty Images
Author

31 January, 2018

Due to the rise in scams, Facebook is now prohibiting 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".

Bitcoin's price slumped on Tuesday night as Facebook announced it would ban adverts promoting cryptocurrencies and United States authorities launched a probe into a large online exchange.

Leathern recognizes that the policy is quite broad, but he says that's intentional.

Leathern acknowledged that the policy may hit some legitimate ads as well.

At least 70 wounded in Afghan bombing attack
In a message on Twitter, the group said more than 70 wounded had been brought in to that hospital alone. The bombing came just a week after Taliban militants killed 22 at an worldwide hotel in the city.


UK Regulator: Rupert Murdoch's Sky Takeover 'Not in Public Interest'
Fox bid two years ago for the 61 per cent of Sky it does not already own, following a failed earlier takeover attempt. Disney will also assume the USD13.7 billion in Fox debt taking the total deal value to USD66.1 billion.


17 killed in fire in Bawana industrial area; Delhi govt orders probe
Officials said the building, which didn't have the mandatory no-objection certificate on fire safety, was sealed after the blaze. Rescuers took almost two hours to put out the fire as the search and rescue operation continued late into the night.


"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception", wrote Rob Leathern, a product management director at Facebook, in a blog post. Officials warned investors earlier this month that protections around cryptoassets are limited.

In a game-changing move for cryptocurrency investors everywhere, Facebook as elected to ban all forms of advertising for bitcoin and all other ICOs (initial coin offerings) on the platform.

Facebook is taking a stand against questionable financial products. Facebook, along with its other properties including Instagram, won't allow ads that say "Use your retirement funds to buy Bitcoin!" for example, or those that promote binary options trading, a risky derivative with an all-or-nothing payoff. It's also unclear how the many Facebook Groups which are focused on cryptocurrencies will be affected by the ban, if at all. In the meantime, Facebook is encouraging people to report content that violates this policy. Of note, the social media firm said past year that it would crack down on ads which discriminate against some users, but months after that promise was made in response to a ProPublica investigation, the media outlet was still able to buy discriminatory ads through the company's platform.


More news


  • Great Britain's select biggest Winter Olympics team ever for Pyeongchang

    Great Britain's select biggest Winter Olympics team ever for Pyeongchang

    Andrew Cullis, Toyota GB marketing director said: "We're really excited to be partnering with the Ambition Programme". Canada is expected to have the second-largest delegation in South Korea with between 220 and 230 athletes.
    Land Rover teases Range Rover SV Coupe

    Land Rover teases Range Rover SV Coupe

    Only 999 of them will be made, with each unit being hand-built by the SVO technicians at the factory in Warwickshire. The Range Rover Coupe SV will be Land Rover's most expensive model to date when it goes on sale later this year.
    Vermont Governor Phil Scott Legalizes Marijuana 'With Mixed Emotions'

    Vermont Governor Phil Scott Legalizes Marijuana 'With Mixed Emotions'

    Eight states and the District of Columbia have legalized recreational marijuana, the bill H. The governor was previously undecided on whether to sign the bill in a public ceremony.
  • Montana Gov. Mandates Neutrality in Broadband Contracts

    Montana Gov. Mandates Neutrality in Broadband Contracts

    Schaake sent the letter to the FCC ahead of the watchdog's planned publication of official rules on net neutrality . Several other states, including California and NY , also recently introduced measures to protect net neutrality .

    Countdown begins as Congress races toward a government shutdown

    House Speaker Paul Ryan immediately summoned reporters to try to pin the blame on top Senate Democrat Chuck Schumer of NY . Trump ended DACA in 2017, but set a deadline by which the Congress could revive the Obama-era program by March 5.
    TV crew arrested trying to sneak fake bomb on flight

    TV crew arrested trying to sneak fake bomb on flight

    The Star-Ledger reported that the crew was filming for cable network CNBC . Others in the group "covertly" filmed it, she said.
  • First lady skips Davos with Trump

    First lady skips Davos with Trump

    Prior to Thursday's museum visit, Melania Trump had only been heard from on her social media channels this month. Trump had originally been scheduled to join her husband at an economic summit in Davos, Switzerland, this week.
    Apple's HomePod speaker gets February launch date

    Apple's HomePod speaker gets February launch date

    The HomePod comes with a $349 United States dollars price tag and is available in white and grey. Surrounded by seamless mesh fabric, audio is 360 degrees due to a seven-tweeter array.
    Trump and May to meet for talks in Davos

    Trump and May to meet for talks in Davos

    We [might be] below investment grade but we are hopeful. "I think Cyril Ramaphosa should be in South Africa. He is to discuss the issue during his State of the Union address to the US Congress on January 30.
  • Why Wednesday's Super Blue Blood Moon Eclipse Is So Special

    Why Wednesday's Super Blue Blood Moon Eclipse Is So Special

    The moon will pass in the earth's shadow. "The moon won't actually be blue , and the origin of the name is a bit of a mystery". For people in the Central Time Zone , the lighter part of the Earth's shadow will touch the moon by 4:51 a.m.
    February's Games with Gold features some free Wang

    February's Games with Gold features some free Wang

    Starting now and continuing until 11:59 PM on Sunday, January 28, you can explore the ruins of a post-apocalyptic Boston. Last week brought us six new Xbox One backwards compatible additions and this week we get to welcome another two.
    Dow opens at record on better-than-expected earnings, continuing economic growth

    Dow opens at record on better-than-expected earnings, continuing economic growth

    The Toronto Stock Exchange's S&P/TSX composite index unofficially closed up 35.21 points, or 0.22 per cent, at 16,239.22. The currency had suffered its biggest daily percentage drop in seven months on Wednesday after U.S.