The dawn of Tuesday proved to be very unlucky for the all the digital currencies as Facebook announced to ban all the bitcoin ads. There will be no advertisements for any cryptocurrency on the platform of Facebook which is indeed a major setback to this business.
Advertisers will not be able to promote bitcoins and other cryptocurrencies and also the crpto genius, James Altucher’s ads which spread like wild fire all over Facebook will be taken down. And no further advertisements can be done by Altucher.
Facebook says that this decision of putting a ban on the advertisements for binary options, initial coin offerings and cryptocurrency is to prevent these ads from frequently misleading and deceiving promotional practices.
Facebook’s product management director, Rob Leathern said
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs, and cryptocurrencies that are not currently operating in good faith. This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up”
This news came right after the Bloomberg report which announced that U.S. Commodity Futures and Trading Commision summoned Bitfinex and Tether with a subpoena.