Facebook Bans Cryptocurrency Ads

Facebook is throwing cold water on the cryptocurrency craze by banning ads that promote virtual currencies and initial coin offerings. And so say farewell to ads that encourage yous to "Use your retirement funds to buy Bitcoin!" or "Click here to acquire more about our no-risk cryptocurrency."

The policy change also goes afterward ads promoting binary options, which involve making all-or-nil risky financial bets. "There are many companies who are ad binary options, ICOs and cryptocurrencies that are not currently operating in adept faith," Facebook said in a blog mail.

For at present, the new policy is intentionally wide. Facebook plans to crack down on these ads beyond its services, including Instagram, but will revisit the ad policy in the future.

Facebook's decision follows growing activity to rein in the cryptocurrency market. Bloomberg today, for example, reported that the US Article Futures Trading Commission is scrutinizing one of the largest digital currency exchanges, Bitfinex.

Final month, the committee reportedly sent subpoenas to Bitfinex and Tether, a company that develops its own coin, which critics say has been used to artificially drive up the price of Bitcoin. In response, Tether said in an email: "We routinely receive legal procedure from law enforcement agents and regulators conducting investigations. Information technology is our policy not to comment on whatsoever such requests."

The regulatory activity doesn't bode well for the brusque-term time to come of many cryptocurrencies. On Tuesday, the price of a bitcoin briefly cruel below $10,000.

Southward Korea has as well begun enforcing rules that demand cryptocurrency trades occur through banking concern accounts registered under the person'south existent name. The measure have been adopted to prevent crimes like money laundering and tax evasion.

Source: https://sea.pcmag.com/news/19361/facebook-bans-cryptocurrency-ads

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