If you’re still deciding whether or not to invest in cryptocurrency, Facebook just threw another monkey wrench into the discussion. They have decided to ban cryptocurrency ads, believing that they are “misleading or deceptive.”
The social network gave an update to its advertising policies on Tuesday. In the update they are banning ads for bitcoin, initial coin offerings, binary options, and other cryptocurrencies.
In an explanation of the new policy, Rob Leathern, Faccebook’s product management director, said that the cryptocurrency advertisers are “frequently associated with misleading or deceptive promotional practices,” and there’s a possibility they are not “operating in good faith.”
They are targeting ads that say such things as:
- “Use your retirement funds to buy Bitcon!”
- “Click here to learn about our no-risk cryptocurrency that enables instant payments to anyone in the world.”
- Start binary options trading now and receive a 10-risk free trades bonus!”
- New ICO! Buy Tokens at a 15% discount NOW!’
He further stated that “this policy is part of an ongoing effort to improve the integrity and security of our ads and to make it harder for scammers to profit from a presence on Facebook.”
But even those behind Facebook aren’t quite sure of cryptocurrency at this point and are keeping the door open by leaving the new policy “intentionally broad,” promising to revisit the policy and how to enforce it as their “signals improve.”
Facebook Has a Point
Facebook is definitely on the right track for themselves and for their users, but maybe not in the eyes of those placing legitimate cryptocurrency ads.
If they want to be taken seriously as a communication tool, they need to present trustworthy ads. Just a few years ago you could sign in to your account and see any number of ads promoting things such as ridiculous weight loss schemes.
But taking a look around these days, those types of ads just aren’t being showcased anymore, so to include cryptocurrency ads that seem “misleading or deceptive” puts Facebook right back in that territory once again.
They become a much better social network by keeping all such ads, be it for weight loss pills or cryptocurrency, off the site.
What It Means for Cryptocurrency
While it may mean one less advertising avenue for legitimate cryptocurrency ads, in the end run it’s better for cryptocurrency as a whole.
Right now there are still too many questions surrounding these financial services. It’s left many people unsure of whether it’s a worthwhile investment or not, and to see a slew of “misleading or deceptive” ads on Facebook only increases those doubts.
If cryptocurrency is ever going to be taken seriously, they have to find a way to eliminate not only all the questions but the questionable ads as well, and that just may start with Facebook.
What do you think about seeing those types of ads on Facebook? Does it leave you confused about Cryptocurrency, or does it have you doubting the legitimacy of Facebook? Leave your thoughts in the comments section below.