View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
January 31, 2018

Facebook outlaws ALL cryptocurrency adverts

Is this ban vital for the protection of Facebook users or a hindrance to the process of innovation? What is your reaction?

By Tom Ball

Facebook has chosen to ban all cryptocurrency advertisements and has called upon users to report any examples that the company has overlooked.

The decision has been made in a bid to prevent companies using the platform that are looking to promote “ICOs and cryptocurrencies that are not currently operating in good faith,” Rob Leathern, Product Management Director, Facebook said in a post on the policy.

In a breakdown of what exactly Facebook is targeting with this ban, Leathern described financial products and services that are often linked to deceptive promotional practices. Examples he makes of these include ICOs, cryptocurrency and binary options.

Also in the post, Leathern said: “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.”

“We also understand that we may not catch every ad that should be removed under this new policy, and encourage our community to report content that violates our Advertising Policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad,” Facebook said.

There has been a torrent-like influx of new cryptocurrencies entering the market on the back of the soaring price of Bitcoin, reaching stratospheric heights of close to $20,000 per unit in 2017.

Bitcoin price falls as British government urges restrictions
Cybercrime statistics: Hackers still having an ‘online fraud frenzy’
Arsenal strikes January deal for new cryptocurrency partner

Following a collapse in the price of Bitcoin in early 2018, many influential figures and organisations are decrying the volatility of the currency. Stripe, the major payments processor, recently announced its abandonment of the currency as a means of transaction, stating that it was proving not to be very useful due this price instability. The company did however say that it remained optimistic about other cryptocurrencies.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

Cryptocurrencies and Bitcoin in particular have also felt increasing pressure on the back of comments from the UK government, with Theresa May and Phillip Hammond coming down on the side of increased regulation. Despite this, the Chancellor of the Exchequer maintained that he is extremely interested in areas of innovation.

Topics in this article : , ,
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.