Facebook drops support for the entire cryptocurrency idea stating that Bitcoins and other related elements like ICO is not the decent business. The social media said that it will ban everything that includes legal or illegal ICM-related advertising, Bitcoin, currency public-listing, and legitimate or illegal cryptocurrency transactions.
The Facebook cryptocurrency ban is the effort to discourage the increasing popularity of virtual currency with the aim to keep advertising on its platform safe, and not misleading for the users. It has issued new rules to ban ads of financial and digital products and services that often involve deceptive marketing practices related to binary options, ICO, and cryptocurrencies.
Rob Leathern, the company’s Director of Product Management pointed out that it is their aim to provide the platform where consumers can come across new products and services via ads. But it has been observed that many of the existing digital products, ICO, and virtual currency do not support the approach.
As for the social media giant’s new policy, it targets a vast number of bitcoin-related businesses, which according to Leathern is ‘deliberate.’ Facebook further plans to be stricter in detecting the misleading and deceptive ad contents on not just its own platform but on Instagram as well. It, in addition, welcomes users to report ads via notification functionality in the upper right corner of the respective contents.
The announcement is a punch on the face of the present global hullabaloo over cryptocurrency that also includes ICO’s latest move in attracting gold and investing in speculation. Recently, several governments including those of China and South Korea raised strong voices via issuing measures to control the overpouring virtual currency trading.
This was a smack on the latest media speculations as well, which includes Facebook likely to be in support of virtual currency. As per a report of Recode, Facebook shareholders like Peter Thiel and Mark Andreessen are supporters of cryptocurrency, and David Marcus (Director of Facebook Messenger) is a shareholder of Coinbase, an established cryptocurrency trading platform.