Published: Sat, February 03, 2018
Markets | By Erika Turner

Facebook Is Banning Cryptocurrency Ads

Facebook Is Banning Cryptocurrency Ads

Facebook said it hopes people can keep discovering and learning about new products and services through its ads, without having any fear of scams or deception. However, from now on it could be more hard for similar fraud to gain traction, as Facebook has just launched a new policy banning ads promoting ICOs, cryptocurrencies and binary options.

This new policy will be enforced all platforms associated to Facebook which include Instagram and Audience Network.

All hope is not lost since Facebook stated that over time, it will revisit its current standings on the policy and its enforcement on these policies as they improve their systems.

We don't know what flipped the switch, but Facebook on Tuesday inserted a new Clause 29 in the "Prohibited Content" section of its advertising policies that bans ads for cryptocurrency.

Earlier this week, the SEC filed a suit against cryptocurrency banking company AriseBank for alleged fraud and issuing unregistered securities during its recent ICO.

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Facebook may have allowed fake news to proliferate on its platform, but one thing it won't stand for is shady cryptocurrencies and initial coin offerings (ICOs).

Social media giant Facebook (FB) is taking a stance against ads for bitcoin and other cryptocurrencies. Despite being very open and willing to adapt to emerging technologies, they felt that many crypto companies were not acting in good faith.

"Use your retirement funds to buy Bitcoin!".

"Start binary options trading now and receive a 10-risk free trades bonus".

The world of cryptocurrencies is now exploding in popularity and interest, with the likes of Bitcoin and Ripple surging in price. This escalated highly last year as we saw the price of Bitcoin, for example, jump from $1000 to $19,000 in a calendar year.

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