Technology

No More 'Misleading ' Or 'Fraudulent' Ads Promoting Cryptocurrencies On Facebook

AASTHA SINGAL | 0
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| January 31 , 2018 , 19:39 IST

The social networking giant Facebook has adopted a string of changes to make the platform more approachable. In another attempt at regaining the reliability of the website, Facebook has banned all the advertisements promoting cryptocurrencies like bitcoin.

Facebook's Product management director Rob Leathern made an official announcement through a blog post stating that Facebook will no longer accept ads that "promote financial products and services that are frequently associated with misleading or deceptive promotional practices."

The giant took the decision to safeguard to user's interest while refraining from any unlikely association with the Ponzi schemes that might trap the account holders. Identifying a large number of ads marketing cryptocurrencies as fraud has prompted Facebook to take such a decision.

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The wide-ranging ban will remove the most popular kind of ads from the platform while saving the users from investing in misleading and dangerous offers. However, the temporary decision will be revisited when Facebook gets better at detecting and removing bad ads.

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

"This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up" across Facebook, Instagram, and its off-platform Audience Network, writes Leathern.

Although, the platform does allow ads for sensitive financial topics with "written permission" and specified "target audience". Notably, the legitimate cryptocurrency services will start receiving the same treatment once Facebook finds its way around the regulations.