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Facebook bans ads promoting cryptocurrencies

Facebook is banning ads that promote cryptocurrency.In a ...

Posted: Jan 31, 2018 6:12 AM
Updated: Jan 31, 2018 6:12 AM

Facebook is banning ads that promote cryptocurrency.

In a blog post on Tuesday, the company outlined a new policy prohibiting ads that "promote financial products and services that are frequently associated with misleading or deceptive promotional practices."

This includes promotional ads for cryptocurrencies such as bitcoin, as well as Initial Coin Offerings, which give people the opportunity to buy into a new cryptocurrency.

The new policy is designed to prevent scammers from taking advantage of users. Facebook highlighted one potential such instance as an example of an ad that would not be allowed: "Use your retirement funds to buy bitcoin!"

Related: Hackers take advantage of bitcoin's wild ride

As public interest in bitcoin and other digital currencies has skyrocketed, Facebook users may have seen an uptick in ads for investing in cryptocurrencies. Late last year, bitcoin's popularity and value surged. In December, one bitcoin was worth $17,000. It has since fallen to $10,000.

A recent BuzzFeed News investigation found scammers were spreading fake news about cryptocurrencies on social media sites to increase the price of certain currencies.

"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception," Facebook product management director Rob Leathern wrote in the blog post. "That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith."

A spokesman for Facebook said ad policies will be enforced through both automated and manual reviews, and ads that lead to websites where the main business model is cryptocurrency, ICOs, or binary options won't be allowed. Facebook users can also report ads that they believe violate the policy.

The Securities and Exchange Commission advised investors last year to be wary of ICO scams, and the agency is cracking down on fraudulent cryptocurrency schemes. Scammers have also created fake mobile apps to steal digital currencies.

Some cryptocurrencies and offerings for them are not scams, but Facebook said the new advertising policy is "intentionally broad." The company said it will revisit it in the future.

Mississippi Coronavirus Cases

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Cases: 473413

Reported Deaths: 9214
CountyCasesDeaths
Harrison32339474
Hinds30703575
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Jackson23263336
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Lee14600217
Madison14043265
Jones13165218
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Clarke277487
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Lawrence203831
Perry196453
Amite193751
Webster191941
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Franklin115227
Quitman101825
Wilkinson99835
Jefferson86632
Sharkey62120
Issaquena1916
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Alabama Coronavirus Cases

Cases: 768301

Reported Deaths: 13209
CountyCasesDeaths
Jefferson1093481727
Mobile699891179
Madison48418589
Baldwin35707452
Shelby35193291
Tuscaloosa33029512
Montgomery32582664
Lee21908204
Calhoun20140377
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Franklin563597
Chambers5240132
Marion4628115
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Clarke451471
Pike450091
Geneva4252106
Winston407987
Lawrence4046102
Bibb396177
Barbour338968
Marengo320981
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Randolph294055
Henry293856
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Cherokee279850
Fayette272271
Washington243545
Crenshaw232265
Clay221561
Macon214454
Cleburne209748
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Lowndes169056
Coosa163631
Wilcox154335
Bullock147142
Perry134235
Sumter123335
Greene119241
Choctaw72325
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