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Cryptocurrency Adverts Banned By Facebook

Samantha Mitchell

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Facebook Bans Crypto Ads

Facebook, which is one of the leading social media platforms has modernized its advertising guidelines and subsequently prohibited certain adverts. The ads that have been prohibited are, as per the information provided by the company, the ones that allegedly use astucious or deluding promotional habitudes. The list comprised of the ads that the company said are related to the cryptocurrencies or the ICOs, {Initial Coin Offerings}.

Making It Difficult For Scammers To Gain Profit

In a blog post that was released on the 30th of January 2018, Facebook claimed that there are several organizations that are utilizing its platform for the advertisement of financial products like ICOs, Cryptocurrencies, and binary options, but do not operate is what it would term as “good faith.” Due to that, the leading social media platform revealed in that blog post that it would make it unbearable for scammers to gain profit, especially on its main platforms. That was the main reason that led to the banning of the cryptocurrencies and ICOs ads.

The United States of America authorities have since launched a probe into the entire online exchange market.

Bitcoin’s Price Slump

Bitcoin Price SlumpFollowing that announcement that was made on Tuesday night by Facebook, the prices of one of the leading virtual currencies have seriously slumped. Ads for investments that are related to Cryptocurrencies have leaped in the past few months, and this has led to the skyrocketing of Bitcoin prices. However, many of the experts in this field still feel that majority of these investments are scams.

As that was going on, it also turned out that the CFTC {Commodity Futures Trading Commission} has also summoned Bitfinex. Bitfinex is one of the leading websites in the US that helps those who want to purchase or sell Bitcoin and Tether. Tether, for those who might not be aware, is a dollar-linked virtual currency and it is mostly used in the purchase of Bitcoin.

The prices of Bitcoin came down by more than 10% to trade as low as 6,940 Euros or $9,810. This was actually Bitcoin’s lowest for two consecutive months and lower than half the price it was able to peak in the month of December 2017.

Bitcoin has been fighting with the rising threat of regulation, which has also affected the demand for a number of Cryptocurrencies in the recent times. This, as observed by the experts in this sector began when Bitcoin exhibited an extraordinary boom in 2017.

Facebook Advocates For Safe Ads

Back to the news by Facebook; the company took time to encourage its users to assist in policing the community by reporting any content that tends to violate the rules it has put in place. The company went ahead to quote two of its main advertising principles that give a clear outline of how ads should be.

The two principles used by Facebook states clearly that all advertising should be safe as they are created with the interest of people first. The ban by Facebook has been issued despite a recent statement by Mark Zuckerberg, Facebook CEO; in which he appeared to be applauding the potential benefits that the virtual currencies have introduced to the digital financial market.

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