Last Updated on May 13, 2018 by Ope Quadri
Facebook has resumed cryptocurrency-related Ads after four months of ban. It initially banned crypto ads amid fears of fraudulent activities allegedly being perpetrated via such promotions.
infomediang.com reported how the largest social media platform took the bold move at the end of January, 2018 banning all ads that promote cryptocurrencies, including bitcoin, and Initial Coin Offering (ICO).
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices. We will revisit this policy and how we enforce it as our signals improve,” Facebook’s ad tech directors Rob Leathern said.
The company called such ads “financial products and services frequently associated with misleading or deceptive promotional practices” and subsequently updated its Ads policy.
But in a latest research by infobase, such ads are resurfacing again on Facebook, some of them include COTI, which is promising new member who signed up free COTI Coins in an event to lure the public to join the platform.
We’ve also seen Qryptos Exchange Ads on Facebook, and binomo.com, which according to earlier ban announcement by Facebook violates its policies.
Prohibited Financial Products and Services
“Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.”
But it seems the social media has changed his stance against promotion of bitcoin, ICO, and other binary options advertisements.
We’re surprised initially Facebook was banning cryptocurrency ads considering Mark Zukerberg support for the digital currency, and BlockChain Technology.
What this means to crypto Advertiser
This means that emerging coins will be able to reach out to billions of users on the social media. Facebook has more than two billion registered users globally, making it one of the best platform to get leads.
Three months ago while the ban was on, crypto advertisers sourced for other means of promoting their businesses.
And we did pointed out in one of our previous posts that banning bitcoin might not necessarily have significant negative effect on bitcoin considering its acceptability among all Cryptos.
We also pointed out that Facebook might really be the loser since the campaign for bitcoin and ICO will continue through sponsored posts on popular blogs and websites.
It looks Facebook has realised that. But it’s now playing smart with its crypto ads, going by its reviewed polices.
Facebook may honestly be out to protect its users, but there will still be some smart advertisers whose ads will slip through FB ads vetting unit.
Some of the other ads Facebook says it won’t approve include:
- Misleading or False Content
- Payday or Cash Advance Loans
- Multilevel Marketing
Misleading or False Content
“Ads, landing pages, and business practices must not contain deceptive, false, or misleading content, including deceptive claims, offers, or methods.”
Payday or Cash Advance Loans
“Ads must not promote payday loans, paycheck advances or any other short-term loan intended to cover someone’s expenses until their next payday.”
“Ads promoting income opportunities must fully describe the associated product or business model, and must not promote business models offering quick compensation for little investment, including multilevel marketing opportunities.”
Meanwhile, a law firm in Australian JPB Liberty has sued Google, Facebook, and Twitter for banning cryptocurrency ads on their platforms, claiming that cryptos have been harmed.
We believe Facebook has the final decision to make regarding any ads, and it’s clearly stated that in its policy:
“We reserve the right to reject, approve or remove any ad for any reason, in our sole discretion, including ads that negatively affect our relationship with our users or that promote content, services, or activities, contrary to our competitive position, interests, or advertising philosophy.”
Whenever you come across any of these ads on Facebook, take your time to dig more into the profile of the crypto trading platform before you invest.
Don’t solemnly rely on Facebook Ads Policy because they “are subject to change at any time without notice,” just has we’ve seen.
We, however, noticed that option to report deceptive ads and posts has been activated.
What’s your take on Facebook reaccepting cryptocurrency Ads and promotion on its platform? Share your thoughts with us.