I have seen James Altucher, a popular hedge fund manager, advertising his cryptocurrency subscription service on Facebook.
Then there’s Tai Lopez – yet another investor – advertising his bitcoin course through Facebook.
We have hundreds of small and big marketers using Facebook to advertise dozens of cryptocurrency projects and upcoming ICOs.
Starting today, however, all of these ads are banned.
Facebook Bans Cryptocurrency Ads
In a recent blog post on Facebook, the company states “misleading or deceptive ads have no place” in its new ad policy. Then it further ties this policy to:
- Binary options
Which means, as a Facebook user, you will no longer see ads like these:
- “Start Binary options trading now and receive a 10-risk free trades bonus!”
- “Click here to learn more about our no-risk crypcurrency that enables instant payments to anyone in the world.”
- “New ICO! Buy tokens at a 15% discount NOW!”
- “Use your retirement funds to buy Bitcoin!”
Note that, if you are an advertiser, only your ad creatives are banned. Your advertising account will remain operational.
Let’s admit it:
Cryptocurrency scams are on the rise. Recently, we have observed how Prodeum scammed crypto enthusiasts by shilling its project online.
We have seen dozens of marketers promoting courses related to bitcoin and altcoins. We have seen several ICOs advertising bonuses and creating scarcity.
All these ads were approved while creating room for more scams and more courses to enter and take profits.
With this move of blocking deceptive crypto ads, not only is Facebook improving its advertising algorithm but also protecting its users. Plus, while it may be controversial, Facebook can gain further traction for its own upcoming cryptocurrency.