Facebook Outlaws All Ads For Cryptocurrency. Facebook has become one of the top social media sites in the world and is a popular place for advertising. But Facebook has now announced that it will not accept any advertisements for cryptocurrencies. These include both currencies and any ICOs that might be offered in the future by various entities.
The announcement was made by Facebook product management director Rob Leathern. He announced on his blog with Facebook that cryptocurrency services and groups that offer ICOs have been entities of concern to Facebook.
Leathern argues that people who wish to use Facebook should be given the opportunity to learn about products and services without worrying about scams or other commonplace threats. This is on par with other rules that Facebook uses for analyzing messages that might be deemed questionable or potentially concerning.
What Could Be Outlawed?
The official policy from Facebook states that ads should not promote financial products or services that are known to entail deceptive or false practices. The policy specifically listed ICOs, cryptocurrencies and binary options as investments that cannot be advertised on Facebook.
The policy also listed some examples of what could be outlawed on the social media site. These include ads stating that new currencies or ICOs are available. Ads suggesting that people can get discounts on the different investments they can use are also banned.
Many other marketing ploys are also listed as examples of what can be banned from Facebook. Messages relating to risk, retirement or payments would be outlawed from use.
Future Potential
Leathern did say that this ban is not a permanent measure. There is a potential for ads for currencies and ICOs to be made available to Facebook users in the future, but it is unclear as to when they would come about or even if it would ever happen later on as changes to Facebook’s policies are reviewed.
Leathern says that Facebook would revisit its policies towards cryptocurrency and ICO advertising in the future. This would require extensive reviews to see how these might be applied and what trends are taking place with these advertisements. Leathern did not give any hints as to when such future reviews would take place or how extensive they might be.
What Ads For Financial Products Are Allowed?
Although ads for cryptocurrencies and ICOs cannot be featured on Facebook, other ads for financial services may be allowed. These ads may work provided that several restrictions may be put into play. Student loan ads can be used, but they would entail extreme rules over what people can use. Also, any real money gambling service can advertise on Facebook provided it receives written permission from the social media site for getting those ads ready.
Also, any financial services being offered through Facebook ads can only appear on accounts reached by people eighteen years of age or greater. Users under that age would not be allowed to see these ads as those messages would be engineered to only reach people who are old enough to get onto a certain site.
A sag to cryptocurrency 🙁
Nice post