Facebook bans ads for cryptocurrencies

[pxo.011]

WASHINGTON- Facebook says it is banning all ads related to cryptocurrencies in an effort to fight scams.

The social media giant said it is barring ads for "financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency."

Initial coin offerings or ICOs are a way for companies to raise funds by selling investors cryptographic assets.

Fraud is common in the world of red-hot digital currencies such as bitcoin.

This week, for instance, the US Securities and Exchange Commission shut down an initial coin offering by a Texas company called AriseBank.

AriseBank was accused of relying on celebrity endorsers such as boxer Evander Holyfield and social media to cheat investors out of $600 million of its goal of $1 billion for a currency it called "AriseCoin."

In a blog post announcing the news, Facebook product management director Rob Leathern hinted that Facebook may modify the new policy at some point to allow bona fide crypto-related businesses to advertise again.

"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception," Leathern wrote.

"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 our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve," he added.

read more here : http://news.abs-cbn.com/overseas/01/23/18/facebook-admits-social-media-threat-to-democracy

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[Direwolve735]

Large players are afraid of the appearance of new startups which are their potential competitors. If you look back in history, almost no major player has been on top for a long time. Today, advertising is monopolized by big players. They are the only ones who have access to all segments of the market. And they are not going to give it away. They are not stupid and understand that startups are risks to them. And ICOs are startups with a huge potential.

[arpon11]

Another fud to bring the cryptocurencies down. I think we should see this as another attack and bitcoin price may come down because of the way many people on Facebook may interpret this. Bitcoin and blickchain technology can been used for scam but that doesn't mean any other forms of money can also be used for scam and fund raising. Facebook and Microsoft were in favor of bitcoin and other cryptocurencies before but lately there have started to attacked it for the reason best known to them.

[nl247]

Why are you bringing up a stale news? This happened since late January already and there has been so many topic that has been dealt with respect to this.

Facebook clearly stated the reason why they had to do this, which was as a result of not being able to have time or ways to differentiate between scams and real projects, and they just had to revisit their ad policies until further notice to protect their users. It is not an attack on cryptocurrency like some of you are already putting it please.

[pxo.011]

Another fud to bring the cryptocurencies down. I think we should see this as another attack and bitcoin price may come down because of the way many people on Facebook may interpret this. Bitcoin and blickchain technology can been used for scam but that doesn't mean any other forms of money can also be used for scam and fund raising. Facebook and Microsoft were in favor of bitcoin and other cryptocurencies before but lately there have started to attacked it for the reason best known to them.

yeah i think its a fudd people dont hesitate to use facebook to promote or advertise bitcoin and other altcoin.

[gantez]

Another fud to bring the cryptocurencies down. I think we should see this as another attack and bitcoin price may come down because of the way many people on Facebook may interpret this. Bitcoin and blickchain technology can been used for scam but that doesn't mean any other forms of money can also be used for scam and fund raising. Facebook and Microsoft were in favor of bitcoin and other cryptocurencies before but lately there have started to attacked it for the reason best known to them.

You have a point though about the news , maybe causing a drop but I say that must times, the news we expect to cause a downward might not really be that way. Last year, when the news of Chinese ban on icos hit the air waves, it didn't cause any drop but, a further push upwards. I hope it does not bring the coin down this time.

[trecore4]

Another fud to bring the cryptocurencies down. I think we should see this as another attack and bitcoin price may come down because of the way many people on Facebook may interpret this. Bitcoin and blickchain technology can been used for scam but that doesn't mean any other forms of money can also be used for scam and fund raising. Facebook and Microsoft were in favor of bitcoin and other cryptocurencies before but lately there have started to attacked it for the reason best known to them.

You have a point though about the news , maybe causing a drop but I say that must times, the news we expect to cause a downward might not really be that way. Last year, when the news of Chinese ban on icos hit the air waves, it didn't cause any drop but, a further push upwards. I hope it does not bring the coin down this time.

Nope this news is very old one and it just taking the jumps ahead one more time. However this is not the news which is causing the bitcoin drop at this moment. If you reading through the forum and other news article then you will understand that Mt Gox is solely responsible for the drop down of market of bitcoin. The guy has dumped more than 400 millions of coin which got him most of the money and market lost its most of the charm really.

Facebook has no rights to call the blockchain technology as scam one. Its just that these guys are not able to implement it into their system as it is decentralised one and may cause the breakdown. 

[gowron24]

That's a really interesting development. I could just see facebook adopting a currency of its own - like the Reddcoin for liking, sharing, etc. Wouldn't that be the ultimate. But really, this development is interesting. It might not be good for the cryptomarket though...

[yanxuanyunshan4]

In the past year, the progress of the cryptocurrency has reached a very wild level, and Facebook can't see the momentum.

Bitcoin and other cryptographic currencies are now almost fanatical, and in the area of cryptocurrency, there is a lot of garbage, fraud and other risks.

Cryptocurrencies do need some good rules to restrain them.

[xieqieshangu9]

FacebooK may be working on digital encrypted money itself!

Facebook's decision to ban encrypted ads may be aimed at eliminating competition!

[DJCanh]

Some people just changed some letters on numbers or letters from other languages
It looks like "IC0" or "cгyptocuггency"
It was made to avoid bans

[joshua10]

I also read the news that about banning the facebbok ads is not sure if this is true because of today's fake news coverage so we just have to wait for the right results here because it has a huge effect on cryptocurrency because facebook one in ways to spread cryptocurrency around the globe in the amount of users it really impacts.

[krauzzer02]

FacebooK may be working on digital encrypted money itself!

Facebook's decision to ban encrypted ads may be aimed at eliminating competition!

Not just to eliminate the competition but to avoid their users to invest in a scam ICO's, if you own big platforms like Facebook you have to protect your own clients from engaging in the ICO that is a potential Ponzi scheme, some pages are still allowed to share their contents to advertise in a non
spammy way, but I heard that some ICO pages and Facebook users banned because of sharing a spammy advertisement from a shady ICO projects.

[maichimoto]

WASHINGTON- Facebook says it is banning all ads related to cryptocurrencies in an effort to fight scams.

The social media giant said it is barring ads for "financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency."

Initial coin offerings or ICOs are a way for companies to raise funds by selling investors cryptographic assets.

Fraud is common in the world of red-hot digital currencies such as bitcoin.

This week, for instance, the US Securities and Exchange Commission shut down an initial coin offering by a Texas company called AriseBank.

AriseBank was accused of relying on celebrity endorsers such as boxer Evander Holyfield and social media to cheat investors out of $600 million of its goal of $1 billion for a currency it called "AriseCoin."

In a blog post announcing the news, Facebook product management director Rob Leathern hinted that Facebook may modify the new policy at some point to allow bona fide crypto-related businesses to advertise again.

"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception," Leathern wrote.

"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 our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve," he added.

read more here : http://news.abs-cbn.com/overseas/01/23/18/facebook-admits-social-media-threat-to-democracy

I believe it's an old news from few weeks back. I understand why they're doing it and it makes sense. They're pretty rough when it comes to money services ads, with ICOs it's even more difficult.

[Harlot]

Based on my understanding they are previously taking back or loosening up there ban about cryptpcurrencies as obviously it is affecting their revenue. Blocking all kinds of crypto related ads is like shutting down an entire revenue from that industry. Even Google didn't pursue their plan on banning crypto ads. But what Google did is screen all of their ads to avoid showing off illegitimate cryptocurrencies that have a high  chance of turning out into scams.

[hase0278]

Based on my understanding they are previously taking back or loosening up there ban about cryptpcurrencies as obviously it is affecting their revenue. Blocking all kinds of crypto related ads is like shutting down an entire revenue from that industry. Even Google didn't pursue their plan on banning crypto ads. But what Google did is screen all of their ads to avoid showing off illegitimate cryptocurrencies that have a high  chance of turning out into scams.

You are right. I expect that soon, facebook will make another statement stating that crypto ads is allowed again in their site but it will be filtered before they approve of it IMO. If they want total ban of it in the first place, then they should have had blocked facebook pages linked with ICO's as it is used to advertise cryptos. Also, they should have had not allowed anyone to create pages crypto related.

[rider4]

What about the bounty?I'm part of a Facebook campaign.

[waldenari777]

WASHINGTON- Facebook says it is banning all ads related to cryptocurrencies in an effort to fight scams.

The social media giant said it is barring ads for "financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency."

Initial coin offerings or ICOs are a way for companies to raise funds by selling investors cryptographic assets.

Fraud is common in the world of red-hot digital currencies such as bitcoin.

This week, for instance, the US Securities and Exchange Commission shut down an initial coin offering by a Texas company called AriseBank.

AriseBank was accused of relying on celebrity endorsers such as boxer Evander Holyfield and social media to cheat investors out of $600 million of its goal of $1 billion for a currency it called "AriseCoin."

In a blog post announcing the news, Facebook product management director Rob Leathern hinted that Facebook may modify the new policy at some point to allow bona fide crypto-related businesses to advertise again.

"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception," Leathern wrote.

"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 our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve," he added.

read more here : http://news.abs-cbn.com/overseas/01/23/18/facebook-admits-social-media-threat-to-democracy

This subject has already been addressed here. Crypto ads is still in Facebook -  changing some characters from Bitcoin to 8itco1ne is enough to to pass the moderation.

[hodlftw]

What about the bounty?I'm part of a Facebook campaign.

Bounty as far as I know remains intact because of this ruling, but I wouldn't know 100% as I don't use FB to begin with. You had to imagine though places you are shilling financial advice they are going to shut you down, especially when people complain.

[Donceng]

WASHINGTON- Facebook says it is banning all ads related to cryptocurrencies in an effort to fight scams.

The social media giant said it is barring ads for "financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency."

Initial coin offerings or ICOs are a way for companies to raise funds by selling investors cryptographic assets.

Fraud is common in the world of red-hot digital currencies such as bitcoin.

This week, for instance, the US Securities and Exchange Commission shut down an initial coin offering by a Texas company called AriseBank.

AriseBank was accused of relying on celebrity endorsers such as boxer Evander Holyfield and social media to cheat investors out of $600 million of its goal of $1 billion for a currency it called "AriseCoin."

In a blog post announcing the news, Facebook product management director Rob Leathern hinted that Facebook may modify the new policy at some point to allow bona fide crypto-related businesses to advertise again.

"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception," Leathern wrote.

"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 our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve," he added.

read more here : http://news.abs-cbn.com/overseas/01/23/18/facebook-admits-social-media-threat-to-democracy

this is only the regulation sheet in facebook account, but in fact until now a lot of advertises about bitcoin there, with the statement the facebook manager just warned that the user account does not not advertise a site that has not worked with the facebook. and this will be said spam.