“We’ve created a new policy that prohibits 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”. Rob Leathern, in their latest blog post. The Facebook crackdown on ICOs and Cryptos can also be seen as a blessing for the entire crypto community.
This blog post from Facebook product management Director, Rob Leathern comes weeks after several speculations of a Facebook coin following a post by its CEO, Mark Zuckerberg where he declared his interest in learning about cryptocurrencies and possibility of integrating them into their systems.
The blog post continued saying, “we want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception… there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not acting in good faith”
This policy by Facebook is said to be a worldwide crackdown as Facebook also declared their willingness to detect deceptive and misleading advertising practices and they are also opening the floor for Facebook users to help report any such ads or misleading/deceptive scams.
“This policy is part of an on-going effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook”.
However, this should not be misunderstood for a Facebook crackdown on cryptocurrencies in general. This should rather be seen as a means by which Facebook is trying to keep the community safe by regulating and cracking down on scam promotions as the number ICO scams are on the rise with many of them being promoted by major social media outlets like YouTube, Google and Facebook.
What are your thoughts on this Facebook crackdown on ICOs and cryptos? Do you think individuals should be allowed to make their own choices rather than be told what or where to put their money?
Let us know your thoughts below.