Facebook Fights Scammers by Banning Cryptocurrency and ICO Advertising

Since Tuesday, Facebook is banning all cryptocurrency-related ads in order to avoid scammers and those working against the principles of “good faith”.

Since cryptocurrencies are becoming more and more popular, there are loads of ICOs and other crypto-related offerings appearing on the web. But as long as the blockchain is a decentralised and anonymous network, it is hard to track whether a project is reliable or not.

That’s why there are many cases when ICO organizers are disappearing without a trace along with investors’ money leaving them with nothing and, thus, undermining cryptocurrency’s reputation as a whole.

Rob Leathern, a product management director at the social network, said: “they want people to continue to discover and learn about new products and services through Facebook but aim at saving them from scammers and other unreliable services.”

He added:

“There are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”

There are several types of banned ads on Facebook. Among others are “Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world” and “Use your retirement funds to buy Bitcoin!”