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Facebook Bans ICO & Cryptocurrency Ads

The Social Media network Facebook has recently released a statement declaring that they will no longer post adverts for ICOs or cryptocurrencies on their site. The site has claimed that with the recent ‘boom and bust’ of many cryptocurrencies, and the sudden news attention many cryptocurrencies have garnered – that many scammers are trying to infiltrate big social media websites with adverts for phoney ICOs or cryptocurrencies. These adverts are usually barely more than thinly veiled attempts at taking money from persons with limited cryptocurrency knowledge, many of whom are taking their first steps into the marketplace.
Many of these fraudulent adverts promise ‘Get Rich Quick’ type schemes, ‘secret’ revelations about the cryptocurrency industry or tips on which currency is going to be the next Big Bitcoin. These claims almost always turn out to be false and leave the investor in a worse off position than they started at.
The crackdown on Cryptocurrency adverts is currently in place on the company’s titular website but has also been applied to other media domains that fall under the jurisdiction of the Facebook entity. For example, adverts for ICOs will not be found on Instagram (the photo-sharing app) either. Spokesperson Rob Leathern said on behalf of Facebook:
“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.”
There is bound to be some pushback to this move however from current entrepreneurs who will state that this move is infringing on the right to free trade and is overall hampering the greater cryptocurrency world business. Yet currently Facebook hasn’t addressed any of these points and has instead focused on deleting any “financial products and services frequently associated with misleading or deceptive promotional practices.” from their websites.

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