The social media giant, Facebook yesterday uploaded a new blog post stating that it has revised its advertising policies. The platform now prohibits promotion of financial products and services related to bitcoin, binary options and ICO (Initial Coin Offering). Rob Leathern, the Product Management Director mentioned in the blog that the company is taking these decisions based on the belief that ads should be safe. Facebook is a community-based platform and the people should be able to discover and learn about new products without fear of scams or deceptions.
“There are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
The revised policy is quite broad and the management at Facebook will continue to devise a better structure to detect deceptive and misleading advertising practices. The refreshed advertising policies will be implemented across platforms including Facebook, Audience Network, and Instagram.
Community Members to Act as Moral Police
Facebook also understands that is not practically possible to catch every advertisement to be removed from the platform. For that, they encourage community members to start moral policing and report content that violates the terms of this new policy.
A Peep into the New Guideline
The new guidelines uploaded includes a few examples of advertisements that might lead to a ban of your advertisement like
New ICO! Buy tokens at a 15% discount NOW! Or Use your retirement funds to buy Bitcoin!
Facebook plans to make it harder for scammers to gain through a presence on the social media platform by not publishing all such ads.
An Ad can be Published if
Sensitive financial topics can be published. However it requires “written permission” if one wants to upload ads related to gambling or gaming service. It also requires advertisers to only target users above the age of 18.