Cryptocurrency is fast turning to a serious rival to the contemporary stock exchange where people drop their life savings in order to buy the likes of BitCoin, Litecoin or XRP with great expectation getting profit in return. This sky-rocketed highly last year as many saw the tremendous rise in Bitcoin price, from $1000 to $19,000 in a calendar year.
However, a lot people have been getting scammed by the cryptocurrency rage which can be calamitous for some people. Now, Facebook is planning to reduce suicides and heart breaks by banning misleading or deceptive ads linked to cryptocurrency on their platform.
“We’ve 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,” Facebook stated in a post.
Facebook gave instances of how these banned deceptive ads look like. “New ICO! Buy tokens at 15% discount NOW!” or “Use your retirement funds to buy Bitcoin” and many more.
This new policy change is valuable to both Facebook and their 2 billion strong user base. Weeding out such ads will make people trust Facebook more, which is good for their business, and people will not be deceived to put their savings on bogus cryptocurrency related schemes, which could hurt them severely.
Although this move will make people seldom get deceiving ads about cryptocurrency related investments, there are still scams that you can’t really do much to help. This move will however prevent such cases like the ICO that literally vanished and left investors with the word penis on the landing page.