Facebook Bans Cryptocurrency And ICO Advertising – Cites Potential For “Misleading Promotional Practices”

Announcements, ICO News, Investing, News | January 30, 2018 By:

Facebook has announced it will ban all ads that promote cryptocurrencies in an effort to stamp out what it characterizes as “financial products and services frequently associated with misleading or deceptive promotional practices.”

The social media giant posted the new policy to a company blog today. The new policy means digital currency companies, initial coin offerings and options will no longer be able to reach the vast Facebook audience. It also means that Instagram and Facebook’s third-party ad network, called Audience Network, is off limits.

“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,” said the post from Rob Leathern, one of Facebook’s ad tech directors. “We will revisit this policy and how we enforce it as our signals improve.”

Ironically, Facebook’s board of directors includes investors and prominent cryptocurrency backers Marc Andreessen and Peter Thiel. Also, Facebook Messenger head David Marcus is on the board at Coinbase, the largest exchange in the US and a billion-dollar unicorn.

Trey Ditto, CEO of Ditto PR, a PR firm in Brooklyn and San Francisco, issued a statement on Facebook’s announcement.
“Today’s decision to ban all ICOs and cryptocurrency ads on Facebook feels like they’re throwing the baby out with the bath water. If only they had taken this action during the 2016 Presidential Election to limit the amount of fake news we had in our news feeds.  We educate potential investors through earned and paid media, and we have found Facebook ads to be a useful product .But the great benefit of decentralized blockchain technology is that it’s an industry that isn’t dependent on centralized authorities like Facebook for its ultimate success.”
He added: “I don’t know if Facebook feels their business model is under attack, but today’s actions will only result in more people feeling disenfranchised. Moving forward I see this as an opportunity for other social media platforms to flourish in a decentralized future and in how we conduct our lives.”