BREAKING NEWS Minnesota National Guard identifies 3 killed in helicopter crash Full Story

Facebook bans ads promoting cryptocurrencies

Facebook is banning ads that promote cryptocurrency.In a ...

Posted: Jan 31, 2018 6:12 AM
Updated: Jan 31, 2018 6:12 AM

Facebook is banning ads that promote cryptocurrency.

In a blog post on Tuesday, the company outlined a new policy prohibiting ads that "promote financial products and services that are frequently associated with misleading or deceptive promotional practices."

This includes promotional ads for cryptocurrencies such as bitcoin, as well as Initial Coin Offerings, which give people the opportunity to buy into a new cryptocurrency.

The new policy is designed to prevent scammers from taking advantage of users. Facebook highlighted one potential such instance as an example of an ad that would not be allowed: "Use your retirement funds to buy bitcoin!"

Related: Hackers take advantage of bitcoin's wild ride

As public interest in bitcoin and other digital currencies has skyrocketed, Facebook users may have seen an uptick in ads for investing in cryptocurrencies. Late last year, bitcoin's popularity and value surged. In December, one bitcoin was worth $17,000. It has since fallen to $10,000.

A recent BuzzFeed News investigation found scammers were spreading fake news about cryptocurrencies on social media sites to increase the price of certain currencies.

"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception," Facebook product management director Rob Leathern wrote in the blog post. "That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith."

A spokesman for Facebook said ad policies will be enforced through both automated and manual reviews, and ads that lead to websites where the main business model is cryptocurrency, ICOs, or binary options won't be allowed. Facebook users can also report ads that they believe violate the policy.

The Securities and Exchange Commission advised investors last year to be wary of ICO scams, and the agency is cracking down on fraudulent cryptocurrency schemes. Scammers have also created fake mobile apps to steal digital currencies.

Some cryptocurrencies and offerings for them are not scams, but Facebook said the new advertising policy is "intentionally broad." The company said it will revisit it in the future.

Article Comments

Mason City
Clear
36° wxIcon
Hi: 39° Lo: 30°
Feels Like: 25°
Albert Lea
Clear
37° wxIcon
Hi: 37° Lo: 28°
Feels Like: 28°
Austin
Clear
37° wxIcon
Hi: 38° Lo: 30°
Feels Like: 29°
Charles City
Broken Clouds
36° wxIcon
Hi: 41° Lo: 31°
Feels Like: 27°
Rochester
Clear
34° wxIcon
Hi: 35° Lo: 29°
Feels Like: 22°
Winter is roaring back
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Gift Quality Book and Bake Sale

Image

Reading Center celebrates grand opening of new building

Image

Christmas by the Lake

Image

Making quilts for those in need

Image

John Marshall girls defeat Lakeville South at home

Image

Lourdes boys hockey falls to Mound Westonka

Image

North Iowa Bulls close out the Barn with a win

Image

Weather Sean 12/7

Image

Weather Forecast Sean 12/6

Image

Making medical cannabis more affordable

Community Events