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Facebook to ban encrypted currency ads – Finance

Facebook has launched a ban on advertising for cryptocurrencies and initial offers of coins on its platform.

Product management director Rob Leathern said in a blog post that the social network was repressing financial product advertisements "frequently associated with deceptive or deceptive promotional practices."

These included "binary options, initial offers of coins (ICO) and cryptocurrency".

He said he was taking steps to stem the increase in advertising for discounts on new ICOs or those that encourage cryptocurrency purchases by underestimating the risks involved.

"There are many companies that advertise binary options, Ico and cryptocurrencies that currently do not operate in good faith," Leathern said.

"This policy is intentionally broad as we work to better identify misleading and misleading advertising practices and the application will begin to increase our platforms, including Facebook, Audience Network, and Instagram.

"We will review this policy and apply it as our signals improve."

Leathern said that the company wants to make it harder for scammers to profit from a Facebook presence.

The boom in the encryption at the end of 2017 has seen a huge increase in new cryptocurrency proposals.

The head of the Chinese exchange Binance, Changpeng Zhao, at the beginning of this month said he had received more than 5,000 applications for new virtual currency lists in the six months in which the exchange had been operational.

Zhao said his main problem was combing "bad players, scammers" and projects with little prospect of providing any value to investors.

He also claimed to have frequent approaches from people managing ICO "saying I will give you $ 2 million to list this coin for me".

The cryptic world continues to experience alternate fortunes.

While Brisbane Airport was revealed this week as a new coin lender as an acceptable virtual currency, others like Stripe and Steam recently withdrew support for virtual currency payment options.

The Coincheck hack, based in Tokyo, also reconfirmed the risks associated with investing in "alt coins", ie outside Bitcoin and Ethereum.

Most of the coins are well above the highs that have lived in late December 2017, although it seems to have stabilized.

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