Cryptocurrency is all the rage now where we have seen people put in their life savings into buying the likes of BitCoin, Litecoin or XRP in the hopes of turning in a profit. This escalated highly last year as we saw the price of Bitcoin, for example, jump from $1000 to $19,000 in a calendar year.
However, we have also seen people getting scammed by the cryptocurrency craze which can be catastrophic for some people. Now, Facebook wants to take care of this by banning misleading or deceptive ads related to cryptocurrency on their platform.
“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency,” Facebook explained in a post.
Facebook gave examples of how these banned deceptive ads look like. “New ICO! Buy tokens at 15% discount NOW!” or “Use your retirement funds to buy Bitcoin” and many more.
This new policy change is beneficial to both Facebook and their 2 billion strong user base. Weeding out such ads will make people trust Facebook more, which is good for their business, and people will not be deceived to put their savings on bogus cryptocurrency related schemes, which could hurt them severely.
Although this move will make people seldom get deceiving ads about cryptocurrency related investments, there are still scams that you can’t really do much to help. Example like the scam where someone literally named his scheme PonziCoin and people bought into it. It will however prevent such cases like the ICO that literally vanished and left investors with the word penis on the landing page.