n Tuesday (30th Jan 2018), Facebook declared that it will start banning all ads that promotes crypto-currency, including Bitcoin and ICO’s. This “intentionally broad” ban is an attempt to cut short advertisers that the social network claims “are not currently functioning in good faith.”
The social media giant has yet to take action in banning fraud artists that commonly uses the platform to pursue their wares and trick others, but this is the first step toward this major issue. According to the report from CNBC, advertisements that violate the company’s new guidelines will be banned on Facebook core application. Additionally, they will also be banned in other platforms where Facebook sells ads which include Instagram and its ad network.
Facebook’s ad tech director Rob Leathern told media:
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices. We will revisit this policy and how we enforce it as our signals improve.”
Stabilize the Network
The move that has been taken by the social networking platform turns out to be a positive step for the people who are associated with the crypto world. Facebook has been a hotbed of scams and tricky activity which seems like that it has been run unchecked for months that resulted in misleading the clients, and left them in the worst situation where they lost their money.
Kyle Forkey, founder of a blockchain consulting group Ethmint & a crypto-currency start-up advisor said that the decision taken by Facebook is the step toward stabilizing the crypto-currency sector which has been plagued by instability and scams
“It will be helpful to the average investor and indirectly beneficial to crypto as a whole. The more we wash out these scammers, the better the ecosystem is going to handle it, so I’m all for it.” Forkey said in an interview
He went on to clarify that genuine companies will not get affected by these new Facebook guidelines and said “A majority of the money raised by legal ICOs is through relationships and partnerships. I believe the only companies that are going to take a knock from losing Facebook advertisements are going to be the people who are not actually putting themselves out there.”
Advertisements, however, are one such thing but anonymous Facebook account holders posting deliberate scams to the crypto group is another major problem.
The platform will completely be safe to discuss the industry and investment only when the company will take action against them as well. Until then it is advisable to tread with caution and always do your own research before investing in anything