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Financial Products ads Prohibited by Facebook

Financial Products ads Prohibited by Facebook

The cryptocurrency market has attracted many people to invest in it. The increase in the value of the digital money like Bitcoin has lured people to put their money into it (although of late the value has massively dropped). Many businesses have preferred to make transactions using digital money rather than the standard currency. However, there has been a warning by some financial institutions and banks on their usage.

Have you ever wondered why you no longer see cryptocurrency ads on Facebook? We have an answer to that. Facebook stated on 31st January 2018 that its platform would no longer have such ads. Facebook will no longer allow financial products ads on its platform. Binary option, cryptocurrency, and Initial Coin Offering (ICO) are some of the prohibited ads. Lack of surety about the safety of such products works against Facebook’s advertisements policies.

The services and products that mislead or deceive promotional practices will not appear on Facebook. Moreover, some organizations believe that such products are used to fund criminal activities. Facebook tries to prevent people from scams and deceptions via Facebook ads. However, many companies are advertising these products. According to Facebook management, such companies are working in bad faith.

It may take longer for the platform to get hold of each advert that should be brought down under the new policy. Therefore, it calls on the people to report such ads that violet the policy. To report one needs to click on the upper-right hand corner of the ad.  The move is one of the Facebook initiatives to improve the security and integrity of their ads. Moreover, they aim at making it hard for scammers to enjoy the platform. People should be happy with such move since many have fallen into the trap at one point.

What do you think?

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Written by Denis Opudo

Am an engineer who's a tech blogger, hit me up on dennis@techinafrica.com and we base our discussion on technology in Africa and the rest of the world.
Denis the Tech guru

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