Facebook is banning all ads that promote cryptocurrencies to prevent advertising what Facebook is calling:
“financial products and services frequently associated with misleading or deceptive promotional practices.”
The silver lining might be that we see a little less of “crypto-genius” James Altucher, whose ads have appeared all over the internet and have become a meme of sorts for the entire crypto industry.
That means no advertiser even those that operate legal, legitimate businesses will be able to promote things like bitcoin and other cryptocurrencies, initial coin offerings — ICOs for short — or binary options, according to a Facebook blog post.
Facebook is banning all ads promoting cryptocurrencies — including bitcoin and ICOs https://t.co/F6TBKucVQ8
— Dennis Parker⚡️ (@Xentagz) January 30, 2018
Ads that violate the company’s new policy will be banned on Facebook’s core app, but also in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps.
Rob Leathern one of Facebook’s ad tech directors wrote:
“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.”
There might be some negative reactions to this news from investors who argue that the move unfairly punishes legitimate cryptocurrency companies and related crypto products. Facebook’s board of directors includes two investors — Marc Andreessen and Peter Thiel — whose firms have been prominent crypto backers.
This might also be an example of how Facebook comes down on the side of the establishment, especially if that establishment is a government trying to interfere in another countries election.