Facebook Bans Cryptocurrency Ads Citing ‘Deceptive Promotional Practices’
In an effort to improve the “integrity and security” of ads related to financial products and services, Facebook has announced they will no longer be allowing ads related to cryptocurrencies, ICOs or binary options. According to Facebook’s new policy announcement, these ads are “frequently associated with misleading or deceptive promotional practices.”
Facebook claims there are “many” companies promoting binary options, ICOs and cryptocurrencies that are using deceptive practices in their ads. As such, Facebook has decided to prevent all such ads until they can sort out which ads from these financial services should be allowed (hint: it’s not the binary options). In the blog post, Rob Leathern described the policy as “intentionally broad.”
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 our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.
Although the new policy appears to be an indictment of the entire cryptocurrency market, it should be noted that deceptive practices exist in all financial industries. Facebook seems to be suggesting that, at the current time, they are simply unable to adequately screen all of the cryptocurrency and ICO ads being purchased. If anything, the new policy seems far more like an admission of Facebook’s inability to detect malicious ads in general, especially after they failed to prevent Russian fake news ads from propagating on their network.