Social media: Facebook bans bitcoin to surpress deceptive that influences users!

Facebook updates it’s advertising privacy policy to suppress misleading adverts on Bitcoin. With a view to remove false Bitcoin promotional practices from the social networking site, Facebook is chopping on the ads related to initial coin offerings and bitcoin.

As Facebook is one of the highly influencing user sites, there seemed to be a threat of undue influence to the users. Although Facebook allows ads and financial promotion, it puts a heavy restriction in terms of promoting scenario and business which highly involves gambling or gaming service. Facebook also strongly puts a ban on promotional ads which target age group of 18 in the context of student loan and any financial advert.

Through the Company’s blog, Facebook Product Management Director Rob Leathern explained the implication of such step to protect the users, he says;

We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. 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.”

As said by the Director Rob, the main reason for implying a ban on cryptocurrency ad is due to the immature knowledge of Facebook to withstand the volatility of the cryptocurrency. Therefore, the policy will be amended once Facebook improvises its security and integrity making scammers difficult to earn profit from the usage of Facebook.