Say goodbye to ads like “Richard Branson Reveals Trading Bitcoins Will Make You Quit your job in 30 Days!” #ICO #Bitcoin #Ethereum
Originally posted on January 30, 2018, at 7:00 p.m.Updated on January 30, 2018, at 7:19 p.m.
By Ryan Mac (BuzzFeed News Reporter) Jane Lytvynenko (BuzzFeed News Reporter) Alex Kantrowitz (BuzzFeed News Reporter)
Facebook is banning ads that promote bitcoin and other cryptocurrencies in an effort to protect its users from “financial products and services frequently associated with misleading or deceptive promotional practices.
"The platform has recently been criticized for hosting dubious cryptocurrency-related ads, some that appeared to promote get-rich quick schemes and potential scams. Earlier this month, BuzzFeed News highlighted how some of these Facebook ads peddled bitcoin-related disinformation and fake news touting their services and Initial Coin Offerings (ICOs).
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Robert Leathern, a Facebook product management director, said in a company blog post.
“That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”Among the ads targeted, those from "crypto-genius" James Altucher, a digital currency evangelist who's been featured on media outlets like CNBC. Altucher has not yet responded to a request for comment.
"Arguably it was a poor ad review process that let these ads through in the first place."
Gavin Sheridan, CEO of legal startup Vizlegal, welcome Facebook's move — with a few caveats. "The adage to trust what people do - not what they say - holds true, as ever," he told BuzzFeed News. "In effect, Facebook already bans many of these sorts of deceptive ads - often placed by advertisers that redirect to websites made to look like news providers such as CNN, that in turn lead to websites that seek to obtain credit card details - often in situations where users have no idea what they are buying.
Arguably it was a poor ad review process that let these ads through in the first place."
The move to police shady ICO ads comes as Facebook works to fix its platform, which has routinely been exploited by bad actors, from scam artists to fake news purveyors to foreign governments seeking to upend US politics. In the past few weeks, Facebook announced significant changes to its News Feed intended to limit the reach of untrustworthy news sources while boosting local news outlets and posts from friends and family.
Just how well Facebook will enforce the policy it just announced is a curious question. Last year, for example, ProPublica reported that Facebook allowed advertisers to exclude users by race. Last February, following that report Facebook vowed to crack down on discriminatory ads, but when ProPublica followed up in November, they were still able to purchase advertising that wouldn’t be shown to African Americans, people who need wheelchair ramps, and even Jews, among others.
“We may not catch every ad that should be removed under this new policy,” the Facebook announcement said.It’s not clear whether the policy has already been enforced, but some of the types of advertisements Facebook intends to target are still on the platform.
A Facebook spokesperson confirmed that James Altucher's ads will no longer be allowed, but an unverified page using Altucher’s name, for example, is still promoting advertisements for “New must-own cryptocurrencies could turn as little as $10 into a fortune.
” The ads lead to a website that looks to sell Altucher’s “Masterclass on Cryptocurrencies.”“If you follow my script below, you could turn $100 into a retirement fortune in the next 12 months… while minimizing your risk,” says the banner at the top.
Ryan Mac is a senior technology reporter for BuzzFeed News and is based in San Francisco. He reports on the intersection of money, technology and power.
Contact Ryan Mac at [email protected].
Jane Lytvynenko is a reporter for BuzzFeed News and is based in Toronto, Canada.
Contact Jane Lytvynenko at [email protected].
Alex Kantrowitz is a senior technology reporter for BuzzFeed News and is based in San Francisco. He reports on social and communications.Contact Alex Kantrowitz at [email protected].
Got a confidential tip? Submit it here.
Help friends or someone you care about discover blockchain and cryptocurrencies, by simply sharing this page. Don't keep it to yourself.....share Blockchain Company (BC).
Did You Know About This?
You can curate a Personal Blockchain Page right here on Blockchain Company ( BC ) like these 2 great user examples here:
http://www.blockchaincompany.info/Paula
http://www.blockchaincompany.info/Francisco
Show your blockchain page of to your employer, colleagues and friends. It demonstrates your professional awareness and competency of this revolutionary paradigm changing the world. It's free if you are a consumer user. Just Create your Account here in less than 3 mins!
Or Click Create Account above in the upper right corner. Instructions how to curate your blockchain page from information you discover on BC, is sent in your email after you sign up.
You might be able to capture your ' first name " unique url for your blockchain page too! Like : http://www.blockchaincompany.info/robert
You may be entitled to cryptocurrency tokens, offers and discounts at any time in the future once you are a user on our platform.
Originally posted on January 30, 2018, at 7:00 p.m.Updated on January 30, 2018, at 7:19 p.m.
By Ryan Mac (BuzzFeed News Reporter) Jane Lytvynenko (BuzzFeed News Reporter) Alex Kantrowitz (BuzzFeed News Reporter)
Facebook is banning ads that promote bitcoin and other cryptocurrencies in an effort to protect its users from “financial products and services frequently associated with misleading or deceptive promotional practices.
"The platform has recently been criticized for hosting dubious cryptocurrency-related ads, some that appeared to promote get-rich quick schemes and potential scams. Earlier this month, BuzzFeed News highlighted how some of these Facebook ads peddled bitcoin-related disinformation and fake news touting their services and Initial Coin Offerings (ICOs).
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Robert Leathern, a Facebook product management director, said in a company blog post.
“That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”Among the ads targeted, those from "crypto-genius" James Altucher, a digital currency evangelist who's been featured on media outlets like CNBC. Altucher has not yet responded to a request for comment.
"Arguably it was a poor ad review process that let these ads through in the first place."
Gavin Sheridan, CEO of legal startup Vizlegal, welcome Facebook's move — with a few caveats. "The adage to trust what people do - not what they say - holds true, as ever," he told BuzzFeed News. "In effect, Facebook already bans many of these sorts of deceptive ads - often placed by advertisers that redirect to websites made to look like news providers such as CNN, that in turn lead to websites that seek to obtain credit card details - often in situations where users have no idea what they are buying.
Arguably it was a poor ad review process that let these ads through in the first place."
The move to police shady ICO ads comes as Facebook works to fix its platform, which has routinely been exploited by bad actors, from scam artists to fake news purveyors to foreign governments seeking to upend US politics. In the past few weeks, Facebook announced significant changes to its News Feed intended to limit the reach of untrustworthy news sources while boosting local news outlets and posts from friends and family.
Just how well Facebook will enforce the policy it just announced is a curious question. Last year, for example, ProPublica reported that Facebook allowed advertisers to exclude users by race. Last February, following that report Facebook vowed to crack down on discriminatory ads, but when ProPublica followed up in November, they were still able to purchase advertising that wouldn’t be shown to African Americans, people who need wheelchair ramps, and even Jews, among others.
“We may not catch every ad that should be removed under this new policy,” the Facebook announcement said.It’s not clear whether the policy has already been enforced, but some of the types of advertisements Facebook intends to target are still on the platform.
A Facebook spokesperson confirmed that James Altucher's ads will no longer be allowed, but an unverified page using Altucher’s name, for example, is still promoting advertisements for “New must-own cryptocurrencies could turn as little as $10 into a fortune.
” The ads lead to a website that looks to sell Altucher’s “Masterclass on Cryptocurrencies.”“If you follow my script below, you could turn $100 into a retirement fortune in the next 12 months… while minimizing your risk,” says the banner at the top.
Ryan Mac is a senior technology reporter for BuzzFeed News and is based in San Francisco. He reports on the intersection of money, technology and power.
Contact Ryan Mac at [email protected].
Jane Lytvynenko is a reporter for BuzzFeed News and is based in Toronto, Canada.
Contact Jane Lytvynenko at [email protected].
Alex Kantrowitz is a senior technology reporter for BuzzFeed News and is based in San Francisco. He reports on social and communications.Contact Alex Kantrowitz at [email protected].
Got a confidential tip? Submit it here.
Help friends or someone you care about discover blockchain and cryptocurrencies, by simply sharing this page. Don't keep it to yourself.....share Blockchain Company (BC).
Did You Know About This?
You can curate a Personal Blockchain Page right here on Blockchain Company ( BC ) like these 2 great user examples here:
http://www.blockchaincompany.info/Paula
http://www.blockchaincompany.info/Francisco
Show your blockchain page of to your employer, colleagues and friends. It demonstrates your professional awareness and competency of this revolutionary paradigm changing the world. It's free if you are a consumer user. Just Create your Account here in less than 3 mins!
Or Click Create Account above in the upper right corner. Instructions how to curate your blockchain page from information you discover on BC, is sent in your email after you sign up.
You might be able to capture your ' first name " unique url for your blockchain page too! Like : http://www.blockchaincompany.info/robert
You may be entitled to cryptocurrency tokens, offers and discounts at any time in the future once you are a user on our platform.