Facebook bans cryptocurrency ads amid fears about scams

Has Mark Zuckerberg soured on Bitcoin? Paul Marotta  Getty Images

Since the new policy is too broad, Facebook plans to revisit it for better enforcement as its signals improve.

This new policy change is beneficial to both Facebook and their 2 billion strong user base.

According to Facebook, the policy has been kept wide so that it can work towards developing a system that can more efficiently detect deceptive and misleading advertisements or ad practices. This is part of the effort by the social giant to prevent people from advertising what the company is calling "financial products and services frequently associated with misleading or deceptive promotional practices". While Facebook wants its users to continue learning and discovering these products and services, it takes note of all other companies advertising their products and do not operate in good faith. In a blog post announcing the news, Facebook product management director Rob Leathern hinted that Facebook may modify the new policy at some point to allow bona fide cryptorelated businesses to advertise again. The company is encouraging users to report any dubious advertising they may stumble across. It applies to other Facebook-owned properties and anywhere the company sells ads.

Well, Cryptocurrencies like BitCoin has been in the current news in the latest past due to the increase in its demand.

"Now, as I join the Camera/AR team at Facebook, I'm especially interested in building more conversation and momentum in cross-platform camera services", Chandhok posted. On Wednesday, Bitcoin lost about 10 percent of its value and dropped below $10,000.

Tether mints coins they claim are pegged one-to-one to United States dollars held in reserve. The firms share the same chief executive officer.

The announcement comes on the heels of the Japanese government's announcement last week that it had suspended trading and withdrawals at the cryptocurrency exchange Coincheck. Recently, hackers reportedly stole "Stellar" cryptocurrency worth $400,000 from BlackWallet.

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