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Facebook bans cryptocurrency ads following a surge of scams

Over the course of 2017, the cryptocurrency market boomed with Bitcoin reaching heights of $20,000. This has caused a surge of interest in Bitcoin and other forms of digital currency, with many more companies and a few scam artists advertising heavily across the web to lure new people in with lofty ‘get rich quick’ promises. As a result, Facebook has begun banning all adverts for cryptocurrencies and initial coin offerings (ICO).

Examples of advertisements that caused Facebook to take this action include posts stating things like: “use your retirement funds to buy Bitcoin!” and “Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world”.

In a blog post on the matter, Facebook wrote: “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.”

The new policy against cryptocurrency adverts is left intentionally broad while Facebook works out how to “better detect deceptive and misleading advertising practices”. Facebook’s algorithm may also fail to detect each ad that should be removed, so if you come across a dodgy looking cryptocurrency advert making deceptive claims, then you should report it.

KitGuru Says: Given Bitcoin’s huge boom over the holiday season last year, a lot of scam artists have come out to take advantage of it. I myself have had several older relatives asking for advice on Bitcoin after seeing these sorts of adverts on Facebook. With that in mind, removing them seems like the right move as there is a lot of dishonestly floating around.

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