Facebook bans cryptocoin ads due to high scam probability

Facebook has announced its decision to ban all adverts that refer to bitcoin, cryptocurrency and initial coin offering (ICO), thus trying to combat scams and fraud, informs Techcrunch.

The social network claims that such cryptocoin ads promote deceptive commercial practices including as examples: “Start binary options trading now and receive a 10-risk free trades bonus“, “Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world“, “New ICO! Buy tokens at a 15% discount now” or “Use your retirement funds to buy bitcoin”.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” said Rob Leathern, a product management director at the social network, in a blog post. “That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
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Initial public offering of currencies (ICO) are unregulated operations, similar to the public offerings of shares on stock exchanges, whereby cryptocoin operators raise funds in exchange for their electronic assets. Recently, US Securities and Exchange Commission (SEC), the institution overseeing the US capital market, announced that it had identified a crypto transaction that fraudulently raised $600 million.

Rob Leathern did not rule out the possibility for legitimate cryptocoin businesses to appear in the near future in commercials ads on the social media platform.