The very core of Facebook’s advertising policy is to ensure that its audience is safe – which, in my humble opinion, is quite honourable. Get-rich-quick schemes and fraudulent claims are not only annoying to see, but prey on the vulnerable, and Facebook isn’t a fan.
If you read our previous post about Facebook’s advertising policy, you’ll know that the list of dos and don’ts is pretty hefty. Well, as of yesterday, Facebook announced a new addition to their “prohibited” list: No cryptocurrency adverts.
What does that mean? No bitcoins, Litecoin, Ethereum, or ICOs (Initial Coin Offerings). Nada.
But why would Facebook ban cryptocurrency ads?
The surge in cryptocurrencies and related businesses has taken the world by storm, and as a result, numerous scams and schemes have come into bloom. Sure, it’s illegal to scam people out of money, but it’s not exactly illegal for people to make poor investment decisions.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” said Rob Leathern, a product management director at Facebook. “That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
Does the cryptocurrency ad ban effect everyone?
You might be asking yourself, what about the big dogs? Yes, even the notable players in the game, the large and legitimate businesses, are too banned.
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,” Rob continues. “We will revisit this policy and how we enforce it as our signals improve.”
So, if you have a cryptocurrency business you’re advertising on Facebook (Instagram, and/or the audience Network), it’s time to hang up your hat – for now, at least.