Facebook Inc., is planning on banning ads that are related to cryptocurrency on Facebook. The companny said that the misleading information about coin offering and cryptocurrency should be stopped.
Facebook will work on identifying which ads are deceptive and misleading. Facebook, along with its other properties including Instagram, won’t allow ads that say “Use your retirement funds to buy Bitcoin!” and similar to this.“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Facebook said.
Mark Zuckerberg, CEO of Facebook, studies that in 2018 cryptocurrencies and other technologies that decentralize power as a trend, is part of an effort to correct problems on the social network.
People and company have raised money through an ICO, or initial coin offering, which is a part of cryptocurrency. The U.S. Securities and Exchange Commission said that it got a court order to take away the assets of the company that was in initial coin offering scam by AriseBank.
Many public companies have capitalized, with every thing in almost every firm and are willing to link their firms to crypto.
The “crypto-genius” James Altucher, has its crypto ads been flooded all over the internet has now become the have become the meme for the entire crypto industry, will also not be able to advertise on Facebook.
The company is basically going to prevent “financial products and services frequently associated with misleading or deceptive promotional practices.” from the site.