Ranging Reactions to Facebook Cryptocurrency Ad Ban
01 Februar 2018 - 11:26AM
ADVFN Crypto NewsWire
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Facebook users will no longer be bombarded by cryptocurrency,
initial coin offering and Bitcoin adverts on the social media
platform.
The company has instituted
an all-out ban on cryptocurrency, ICO or
Bitcoin adverts - citing “financial products and services
frequently associated with misleading or deceptive promotional
practices."
Unfortunately, legitimate
financial service providers will also be painted with the same
brush- which effectively rules out any advertising of
cryptocurrencies or related products on Facebook.
Adverts failing to comply
will be banned from Facebook, and its partner platform Instagram as
well as its advertising platform Audience Network.
Facebook’s advertising tech
director Rob Leathern said the ban was ‘intentionally broad’ in
an effort to weed out ‘deceptive and misleading’ advertising.
Social media reacts
As per usual, a gander at
social media timelines provides some interesting reading- with
varying opinions on the latest development in the cryptocurrency
space.
Facebook’s advertising move
was met with varying degrees of skepticism on Twitter.
Twitter user Armin van
Bitcoin took a subtle dig at Facebook founder Mark Zuckerberg, who
recently made positive comments about Blockchain
technology:
Another user simply used the hashtag
#decentralized as he questioned why Facebook has made the move:
Another user pointed out the fact
that many Facebook users had been duped by ICO scams advertised on
Facebook:
Meanwhile, Brian Haggerty said
Facebook’s move has nothing to do with Bitcoin- while the news has
inevitably led to further fear, uncertainty and doubt.
Omar Bham speculated that the move
could net the likes of Google higher advertising revenues with
Facebook refusing to accept cryptocurrency advertising.
One user said the move presented yet
another opportunity for people to buy Bitcoin as the market price
reacted to the announcement.
The first Tweet is probably the most
telling, as it highlights a degree of hypocrisy from Facebook
founder Zuckerberg.
At the beginning of
January, Zuckerberg said he was “interested in
going deeper and studying the positive and negative aspects of
these technologies, and how best to use them in our services."
ICO scams advertised on
Facebook may have lured gullible investors and it is right to put a
stop to these kinds of practices. But an all-out ban might also
punish legitimate businesses that are making pivotal strides in the
development of different Blockchain applications.
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