Bitcoin latest: Facebook bans cryptocurrency adverts over fears of SCAMS

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Facebook bans cryptocurrency advertisingGETTY

Facebook is banning any advertising that sells cryptocurrency products and services

The company’s business managing director implied Facebook believes this broad approach is necessary as many companies advertising cryptocurrencies and initial make up offerings (ICO) are not currently operating in “good faith”.

Rob Leathern, Product Bosses Director for Facebook Business, said: “We want people to continue to stumble upon and learn about new products and services through Facebook ads without consternation of scams or deception.

“There are many companies who are advertising binary alternatives, ICOs and cryptocurrencies that are not currently operating in good faith.”

An ICO promotes people to invest into fledgling cryptocurrencies before they opening, with the hope that in the future the cryptocurrency will increase in value as the crypto money becomes more popular.

We want people to continue to discover and learn about new products and servicings through Facebook ads without fear of scams or deception

Rob Leathern – Offshoot Management Director for Facebook Business

Without the regulatory burden of bring up money through traditional investment, many organisations have hardened ICOs to generate large sums of money and then disappear up the investor at a loss.

This week ICO Prodeum saw all its data removed from its website as investors realised they had been scammed.

South Korea and China cause taken the action of banning using an ICO to raise money and many regulators in other mountains warn against using them.

Facebook has said “misleading or phony ads have no place” on its website. 

Facebook bans cryptocurrency advertisingGETTY

Bitcoin’s price has fallen lower $10,000 on the day of Facebook’s announcement

The company announced that under its new strategy the following advertisements are now banned:

  • ‘Use your retirement funds to buy Bitcoin’
  • ‘New ICO! Buy marks at a 15% discount NOW!’
  • ‘Click here to learn more about our no-risk cryptocurrency that enables twinkling of an eye payments to anyone in the world.’
  • ‘Start binary options trading now and sustain a 10-risk free trade bonus!’

Facebook’s decision has had a dramatic in truth on

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