Facebook is cracking down on ads related to what it calls “misleading or deceptive promotional practices,” by banning all ads promoting binary options, ICOs, and cryptocurrencies.
In a recent blog post, Facebook explains that two of its core advertising principles are, that “ads should be safe,” and that it builds for “people first.” The company always wants people to be able to discover and learn about new products on its platform, but it doesn’t want them to get scammed and deceived.
The Internet is rife with both scams and deceit, and Facebook feels that many companies advertising financial services related to binary options, initial coin offerings (ICOs) and cryptocurrency are “not currently operating in good faith,” and are thus, part of the problem.
As such, Facebook is now banning ads that “promote financial products and services that are frequently associated with [these] misleading or deceptive promotional practices.” If you’re wondering why you’re still seeing lots of ads related to the above, rest assured that you won’t be – pretty soon. While Facebook also admits that it can’t catch every ad, it’s relying on the Facebook community to report content that violates its Ad Policies.
Facebook says that its new policy is “intentionally broad,” so that it can take time to “better detect deceptive and misleading advertising practices.” As it starts enforcing the new policy, the company will be able to revisit as necessary when “signals improve.”
The recent popularity of cryptocurrencies has led to sharp rise of scams involving them; as they can’t really be regulated, Facebook itself can’t control the integrity of related products or services. So, it prefers to shut down the whole show instead, at least until things start looking more legit. Critics of this policy will argue that the move is akin to “throwing out the baby with the bathwater,” and will negatively affect legitimate companies’ ability to promote their services.
In any case, it has been deemed necessary, in order to protect the integrity of Facebook’s ad network. As the company explains, the “policy is part of an ongoing effort to improve the integrity and security of [its] ads, and to make it harder for scammers to profit from a presence on Facebook.”
You might also like
More from Facebook
Meta Is Killing Its Messenger For Apple Watch App
Meta announced it will remove the Messenger for Apple Watch app on May 31 “After May 31st, Messenger won’t be available …
Facebook And Instagram Start Selling Blue Checks With Meta Verified
Meta Verified will give you a blue check badge on both Facebook and Instagram, along with other benefits for $12 …
Meta Brings Back #BuyBlack Friday For A Third Year
Meta is bringing back #BuyBlack Friday for a third consecutive year in North America. Meta emphasized the importance of the Holiday …
Facebook Is Giving You More Controls Over What You See On Your Feed
Facebook is introducing new "show more" and "show less" controls to let you adjust what you want to see on …
Meta Introduces Facebook Reels API, Offering An Option To ‘Share To Reels’
Meta has introduced the Facebook Reels API, a solution allowing developers to build a 'share to reels' option into their …
Facebook Gets Into Delivery With DoorDash Partnership
DoorDash is partnering with Meta to pilot Facebook Marketplace deliveries across multiple cities in the U.S. Drivers will only transport items …
Meta Rolls Out Horizon Worlds In France And Spain
Meta Horizon Worlds, the VR community and game, is now available in France and Spain.
Meta Refreshes Facebook Groups With New Features
Facebook Groups now have an updated invitation system to reduce admin workloads and limit sharing of misinformation.
Meta Offers Digital Security Course For Journalists And Human Rights Defenders
The Meta Journalism Project and the ICFJ have put together a self-paced 90-minute course and webinars to provide online safety …
