Facebook has banned all ads for cryptocurrency from the social network. Including those for Bitcoin, the granddaddy of cryptocurrencies that has made a handful of people rich beyond their wildest dreams, and the rest of us pondering what could have been if only we’d invested sooner.
Investing in cryptocurrency is a risky endeavor, and don’t let anyone tell you otherwise. This means you should only invest what you can afford to lose. Unfortunately, with Bitcoin making headlines, people are gambling big. And Facebook doesn’t want to be a part of that.
Facebook Cleans Out the Crypto Clickbait
In the Facebook Business post announcing the new policy, Facebook states, “Misleading or deceptive ads have no place on Facebook”. This aligns with Facebook’s recent efforts to clean up the type of content and ads appearing on the social network, including fake news and clickbait.
In order to abide by its own rules, Facebook has therefore decided to prohibit ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency”.
Just a few months ago Bitcoin going to $10,000 was a huge celebration
Now Bitcoin is at $10,000 and its the end of the world
— CryptoZerp (@CryptoZerp) January 30, 2018
Facebook offers examples of the types of ads it’s banning. These include, “Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world,” “New ICO! Buy tokens at a 15% discount NOW!,” and “Use your retirement funds to buy Bitcoin!”
There are obviously companies providing information about Bitcoin and other cryptocurrencies in a responsible manner. However, rather than trying to weed out the good from the bad, Facebook has decided to issue a blanket ban on the subjects in question. At least for the time being.
Don’t Believe the Cryptocurrency Hype
We have all heard the stories of people investing in Bitcoin in the early days and becoming literal millionaires as a result. But these are the lucky ones. The chances are you’re not going to get rich by clicking on an ad on Facebook. Which is why the social network had to take action.
Have you seen ads for Bitcoin, cryptocurrencies, and ICOs on Facebook? Did you trust that these companies had your best interests at heart? Or did they immediately sound like scams? Do you agree with Facebook banning these types of ads? Please let us know in the comments below!
Image Credit: Antana via Flickr