Due to constant spamming of deceitful cryptocurrency and other Bitcoin related ads, Facebook has issued an immediate ban. Financial products and services that are misleading and associated with digital assets can no longer be a part of its promotional offerings. Users have already welcomed the decision, since fraudulent content does little to promote true values of BTC and damages the image of popular social networking service.
Instead of giving the opportunity to people to get acquainted with Bitcoin, Facebook has become a place of deluding crypto ads and scammers like James Altucher. To put it differently, a database of 2 billion active users represents a true paradise for charlatans and quacks who want to earn a quick buck by promoting “get rich” Bitcoin schemes.
Product management director at Facebook, Rob Leathern, stated that the company’s idea is to educate users about cryptocurrency through discovery and services. Therefore, all advertisements with false, deceptive or scam messages and ICOs have been removed from the website.
Earlier in January, the company’s founder and CEO, Mark Zuckerberg called for mass use of cryptocurrencies, since he sees crypto as a huge breakthrough for ordinary people, which could help them seize or take better control of their lives. Although a bit picky, the social network’s advertising policy is quite clear on banned financial products, stating that misleading promotional practices regarding binary options and coin offerings are no longer approved.
Thanks to the moratorium on bamboozling crypto ads, various Bitcoin scams such as Bitconnect, BitZilla or Arisebank are no longer within reach of vulnerable users and potential novice investors. To conclude, ads and pop-ups like “New ICO! Buy tokens without risk NOW” are hopefully well behind us.
Source:
“Facebook Bans Cryptocurrency Ads”, Kai Sedgwick, bitcoin.com, January 31, 2018.
coolsongss
6 years ago
Hero Member
Ah, yeah, I used to get the spams ads on my facebook account, too. It was very annoying. And this term ICO (Initial Cryptocurrency Offering, correct ?), huh, it is close to fraud. Considering the number of FB users, and the period of Ads allowed and the fever on the crytocurrencies, there could be at least hundreds of thousands...
Ah, yeah, I used to get the spams ads on my facebook account, too. It was very annoying. And this term ICO (Initial Cryptocurrency Offering, correct ?), huh, it is close to fraud. Considering the number of FB users, and the period of Ads allowed and the fever on the crytocurrencies, there could be at least hundreds of thousands of victims, via Facebook.
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james jenicek
6 years ago
Full Member
Do not click on ads or any posts that want you to buy/invest in bitcoin. We learned this in the late 90's and early 00's with every other scheme. C'mon man!
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jade
6 years ago
Super Hero
Bitcoin is becoming increasingly popular as currency, especially online, so its discovery is inevitable. Discovery thus far, has been and will continue to be unstoppable and a driven method for its own education is a natural course of events. How funny that Facebook says that it's "the company’s idea is to educate users...
Bitcoin is becoming increasingly popular as currency, especially online, so its discovery is inevitable. Discovery thus far, has been and will continue to be unstoppable and a driven method for its own education is a natural course of events. How funny that Facebook says that it's "the company’s idea is to educate users about cryptocurrency through discovery and services!" Are they actually trying to take credit for a natural occurrence that's been going on since Bitcoins inception, just because they have put a hold on Bitcoin ads at that one site. I remember reading that article you mentioned, in January of this year, right here at LCB. Zuckerburg wants to help "ordinary people." Geeze Zuckerburg, we, ordinary people would like to thank you, so much! Now, get over yourself.
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Sylvanas
6 years ago
Admin
Well then ban 99% of all advertisement material. Ah, Zuckerberg, your perpetually confused expression and excessive sweating always pissed me off. I've been trying to figure out who do you remind me of for ages, and finally it dawned on me you look just like Dory from Finding Nemo. Smh
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Andreas_V
6 years ago
Full Member
It's true that Bitcoin ads on Facebook have gotten out of hand, I've seen quite a bit of those myself. Still, one has to wonder whether this is the only reason why they were banned and how this falls in line with Zuckerberg's previous announcements that FB will be adopting cryptocurrencies. This move will not endear them...
It's true that Bitcoin ads on Facebook have gotten out of hand, I've seen quite a bit of those myself. Still, one has to wonder whether this is the only reason why they were banned and how this falls in line with Zuckerberg's previous announcements that FB will be adopting cryptocurrencies. This move will not endear them with the Bitcoin crowd.
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