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Facebook’s New Ad Policy Restricts ICOs, Cryptocurrency and Binary Options

In line with Mark Zuckerberg's personal challenge (2018) of protecting the FB community

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Facebook’s New Ads Policy

Facebook (FB) has a new ads policy in line with their ongoing effort to improve the integrity and security of their ads and make it harder for scammers to profit from a presence on the social media platform. Recently, the company’s product management director, Rob Leathern, made it known that the company has 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.

To Be Enforced on Facebook, Audience Network, and Instagram

According to the release, the move falls in line with the company’s belief that ads should be safe and should be built for people first. Misleading or deceptive ads have no place on Facebook. Leathern also informed that enforcement of the policy would be ramped up across the company’s platforms including Facebook, Audience Network, and Instagram.

Fulfilling Mark Zuckerberg’s Personal Challenge

With the ushering in of 2018, Mark Zuckerberg, founder and CEO of Facebook said that for the year ahead, his personal challenge would be on fixing important issues on Facebook, including:

  • Protecting the FB community from abuse and hate
  • Defending against interference by nation states
  • Making sure that time spent on Facebook is time well spent

Zuckerberg also said he found the question around centralization vs decentralization most interesting, while identifying that while many people believe technology only centralizes power rather than decentralizes it, there are important counter-trends to this – like encryption and cryptocurrency – that take power from centralized systems and put it back into people’s hands. So, the Facebook CEO does believe in the power of DLT (distributed ledger technology) or blockchain to give people the power, which is also the first four words of Facebook’s mission statement, “Give people the power to build community and bring the world closer together.”

Under its new ads policy, Facebook also wants people to report any content that violates the company’s new advertising policies, thereby giving them the power.

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