It is now official that Facebook ads on the ‘Get Rich Quick’ Bitcoin and other cryptocurrency scams will be no more. The social media giant says that the ads are luring its users. According to the company’s spokesman, Facebook is keen to advertise many things. The company wants its clients to learn about new products. But there is something more the company wants. The spokesman says, “It wants people to learn about new products and services. They will do this through Facebook ads without fear of scams or deception.”
Why Is Facebook Banning Cryptocurrency Ads?
In recent days, the price of the bitcoin and other digital currencies continues to rise, which is giving people a chance to rush in a bid to open accounts. Many people want to invest in cryptos because they are gaining. But things are changing. Since the restriction of strict rules by various governments, the prices are dwindling. Bitcoin, for instance, which in December hits $20, 000 is now trading at $7969.98, which is the coin’s all-time low in 2018. It then means others digital coins are extremely low.
Facebook Users Feel Bombarded
Advertisers, who in this case comprise experts, are now bombarding Facebook users. They are spreading their ‘sweet word’ through Facebook ads. All they want is to sell eBooks and persuade people to sign up for newsletters. In these, they are giving those who fall prey to investment advice. Many of the adverts are genuine though. But there are a majority of others that are not. Looking at the sudden surge and the sudden plummeting of the prices, it is worrying. For this reason, Facebook decides to ban such adverts.
Use your retirement benefits to buy bitcoin?
Facebook is quick to point out to the kinds of cryptocurrency advertising it bans. For instance, there is one that says ‘Use your retirement benefits to buy bitcoin.’ ‘Click here to learn more about our no-risk Ethereum and other cryptocurrencies.
Above all, this will enable instant payments to anyone in the world’. You will no longer see such adverts. In a statement to the public, Facebook’s product management director says it is wrong. He says that it is not a good thing to lie to clients. Rob Leathern says that while clients have a choice, Facebook will not be an accomplice. There is no way one can tell a retiree to use all his savings on a shrinking scheme. The director says that Facebook wants her clients to know more products. The social media giant will continue to advertise what is morally and ethically pure as possible.
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“We want people to continue to discover and learn about new products and services. Facebook ads are perhaps the fastest and most reliable way to do so. But this has to be without fear of scams or deception,” says Rob. There are other ‘get rich quick’ scams that the social media giant is abolishing altogether. These are adverts by companies that advertise binary options.
Besides, there are ICOs as well as digital currencies that are not operating in good faith. The company is keen not to allow such scams to fill the space. The next time you want to buy space for Facebook ads, ensure they are genuine. The ads must be moral and ethical. They should not be spreading lies about ‘get rich quick’ scams.