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 May Soon Alert You When Your Posts Are Removed By AI
According to reports, Meta is rolling out a system that notifies users when their posts are removed and how.
Meta Is Working On A Universal Speech Translator
Meta's latest AI project seeks to extend advanced translation options to lesser-used languages and to develop a universal speech translator.
Instagram Retires Boomerang And Hyperlapse Standalone Apps
Boomerang and Hyperlapse standalone apps have been removed from app stores as their functionality is already available within Reels.
Meta Demos Voice Controlled Builder Bot That Creates VR Spaces
Meta's latest AI research introduces a prototype technology capable of generating immersive objects through voice commands only.
Facebook Is Removing The Ability To Create Profile Frames
As part of its efforts to continue banning anti-vax messages, Meta is removing the ability for users to create frames.
Facebook Is About To Shut Down Campus
Facebook has informed users via an in-app message that it will be shutting down Campus - its college-focused social network.
Meta Updates Its Company Values
In the aftermath of its major rebranding, Meta is announcing a new company mission formed by a group of values.
Messenger Provides New Guide On Online Safety
Messenger has published a handy decision tree graphic that guides users and parents to find the safety features they need.
Facebook’s ‘News Feed’ Is Now Just ‘Feed’
After 15 years, Facebook is changing the name of its home page in an effort to move away from the …
