Facebook prohibits all ads for bitcoin, crypto-currencies and ICO :


Crypto-currencies are like a Wild West of all kinds and Facebook has enough.

The social network banned all advertising related to bitcoin, crypto-currencies and ICOs, he announced Tuesday, January 30, 2018. His goal is to crack down on scams and fraud.

The new rule "prohibits financial products and services that are frequently associated with deceptive promotional practices, such as binary options, ICOs and cryptocurrency."

This is a very vague rule and Facebook describes it as "intentionally wide".

For the uninitiated, an ICO is a fundraising method in which a startup creates its own virtual currency, structured like bitcoin.

These tokens, which can be traded online even if the company is not listed, are sold for real money by the startup, which then uses it to finance its projects.

Bitcoin and other crypto-currencies are extremely popular right now - but there are also a lot of scams, fraud and other risks.

This week, the SEC - the US Financial Markets Authority - ended an ICO claiming to have raised $ 600 million but suspected it was fraudulent.

It is not uncommon for an ICO to be hacked and for hundreds of millions of dollars to be stolen by pirates along the way. Recently, a Japanese crypto-currency exchange platform had to promise to pay the victims of a $ 400 million piracy.

A Facebook spokesman told Business Insider US that the new rule bans all crypto-currency advertising - not just those that try to sell cryptocurrencies or cryptographed tokens directly. Advertisements for Bitcoin wallets are also forbidden, for example, as well as those concerning equipment for mining ether.

In the blog note announcing the ban, Facebook product director Rob Leathern said Facebook may adjust this policy in the future to allow companies specializing in legitimate cryptocurrency to share their ads on the social network again.

"We want people to continue to discover and learn about new products and services through Facebook ads, without fear of being cheated or cheated," he wrote. . "That said, there are many companies that advertise binary options, ICOs and cryptocurrencies that are not currently operating in good faith."

"This rule is intentionally broad, because we want to better detect misleading advertising practices." The application of this new rule will accelerate on our platforms, Facebook, Audience Network and Instagram.We will return to this policy and its application when we will have received some signs of improvement. "
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