Facebook has banned cryptocurrency adverts - prompting ranging reactions on social media.
Facebook users will no longer be bombarded by cryptocurrency, initial coin offering and Bitcoin adverts on the social media platform.
The company has instituted an all-out ban on cryptocurrency, ICO or Bitcoin adverts - citing “financial products and services frequently associated with misleading or deceptive promotional practices."
Unfortunately, legitimate financial service providers will also be painted with the same brush- which effectively rules out any advertising of cryptocurrencies or related products on Facebook.
Adverts failing to comply will be banned from Facebook, and its partner platform Instagram as well as its advertising platform Audience Network.
Facebook’s advertising tech director Rob Leathern said the ban was ‘intentionally broad’ in an effort to weed out ‘deceptive and misleading’ advertising.
Social media reacts
As per usual, a gander at social media timelines provides some interesting reading- with varying opinions on the latest development in the cryptocurrency space.
Facebook’s advertising move was met with varying degrees of skepticism on Twitter.
Twitter user Armin van Bitcoin took a subtle dig at Facebook founder Mark Zuckerberg, who recently made positive comments about Blockchain technology:
Three weeks ago: "I'm interested in learning more about decentralization and how to put the power back into people's hands."
— Armin van Bitcoin ⚡ (@ArminVanBitcoin) January 30, 2018
Today: "Facebook bans ads promoting #bitcoin."#hypocrite #greed https://t.co/mGRi5kJbRx
Another user simply used the hashtag #decentralized as he questioned why Facebook has made the move:
#decentralized
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