Facebook Bans Ads For Cryptocurrencies

By Factnews on 31/01/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 788


 

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.

 

 

Source AFP

Posted on January, 31 2018

Share on facebook Yahoo mail icon Gmail icon


You may also like...
We will not increase petrol price this December...

Three out of four oil refineries resume production...

2019: Opposition still not ready to defeat Buhari...

Why we boycotted meeting with FG -ASUU

Pinnick elected new NFF president

President Buhari defends appointments

Beyoncé’s Songwriter Wrote ‘Lemonade’ Butt Naked

Buhari to work from home as office is...

RMD pays tribute to late veteran actress, Bulky...

Atiku may not get justice, Buhari has subverted...

Katsina Senator To PMB: Cattle Colonies Solely At...

Man City v Chelsea: Didier Drogba relishes Frank...
News Abia Election Special (4) Abia Supplementary Polls Update (18) Abia Supplementary Result update (22) Appointments (8) Breaking News (199) Business (48) Campus News (5) Crime (135) Economy (116) Education (134) Entertainment (150) Fashion and Style (3) General (899) Health (112) Inside Africa (41) International News (306) Interviews (28) National (1985) Politics (1060) Press Releases (121) Religion (9) Security (133) Sports (432) Technology (26) World News (87)

 

 

Advertisement

 

Latest News Innoson motors drags GTB’s management to court for contempt Buhari travels to UK on private visit NMA replies Ngige, says his position on Doctors leaving Nigeria is unfortunate Okorocha Sets Up 21-Member Transition Committee 'Nigeria has Doctors in surplus, whoever wants to leave is free' - Ngige I was attacked by military men because I spoke against a government- Omotola Sri Lanka terror attack: Death toll hits 310 Our position on hoodlums, sex workers has not reversed - Abia govt Osun: A'Court hears Oyetola’s appeal against Adeleke, PDP on Wednesday I’m not sleeping on duty – President Buhari replies Bishop Mamza

 

Most Read Islamic agenda for Nigeria – Pastor Bosun (24,820 views) 47 YEARS AFTER, HIS EXCELLENCY, COMMODORE EBITU UKIWE (Rtd) MAKES THE “OFO NDI IGBO” RECIPIENTS LIST (18,583 views) The show of shame that sealed Justice Uzokwe’s fate (17,745 views) Breaking News : Dr Okezie Ikpeazu resigns from Abia State Environmental Sanitation Agency (ASEPA). (8,202 views) Lawyers accuse Lagos Police of working for PDP (7,592 views) Ebola virus in Syria – Infecting ISIS members (7,503 views) Abiriba Kingdom Celebrates as Eze Kalu Kalu Ogbu (IV) marks 14th year on the throne (7,488 views) Radio Biafra delivers AM Transmitter (7,345 views) ‘Why fuel scarcity persists’ (6,533 views) Cojoined Twins Abby And Brittany Hensel Pose in Bikini (6,390 views)