Crypto Advertisement on Facebook and Instagram

A reasonable amount of attention has been gained by cryptocurrencies, people are now investing in it and are actively searching for sites from which they can sell and buy cryptocurrencies. While a common investment tool, several social media sites have placed in place strict policies related to online cryptocurrency investment ads. The explanation is fairly straightforward: social media sites such as Facebook and Instagram have made it compulsory for businesses to obtain permission to advertise news about cryptocurrencies or other financial investments. Despite its rising success, the reason is clear that cryptocurrencies have not yet been able to be part of the mainstream. There is a great deal of fear regarding its durability and reputation.

We always presume it’s all about Bitcoin, Ripple, Ethereum, or Litecoin when we talk about cryptocurrencies. But, here, we’d like to mention that there are thousands of other useless cryptocurrencies.

A lot of these coins are parodies or fakes. Instead of spending on their cryptocurrencies, the ROI that the businesses endorse. These businesses advertise their coins as guest posts and blogs on various websites. One of the easiest ways to invest in cryptocurrencies is to sell ICOs or Initial Coin Offerings. This makes it possible for small investors to invest and gain money in cryptocurrencies. A lot of individuals, however, fall victim to it, and many individuals have fallen prey to ICO scams.

The main aim of coin scammers is to grow their user base, make more and more individuals use their coins, and make money out of them in exchange. Many social media outlets and other websites therefore focus on eliminating advertising for cryptocurrencies. Lately, Facebook has joined the league.

Facebook’s and Instagram ‘s take on cryptocurrency ads:

As we have discussed above, these scams and thus social media sites that have millions of users fall victim to many people. It is very simple for cryptocurrency companies to quickly reach out to millions of people, generating a higher number of people who fall victim to scams. Therefore, some stringent steps were taken by Facebook.

When Facebook announced the banning of advertising, the news came out in June 2018, it clarified that ads could not endorse any financial products and services associated with misleading promotional practices such as initial coin deals or cryptocurrency and binary options.

The only goal is to guarantee that Facebook users or any other social media site are not misled or scammed.

Facebook speaks about the following as well:

Companies intending to run ads to promote cryptocurrency or cryptocurrency mining tools, or hardware or cryptocurrency investment advice, must first be eligible for it, as per the cryptocurrency goods and services advertising policy. They need Facebook approval, and once they get this approval, they will need to ensure that the commercial does not be misleading.

But cryptocurrency news, events or payment methods or digital payment tools or even merchandise do not need authorization when it comes to an advertising promoting Blockchain.

The crux is that businesses and marketers adhering to the company’s policies will promote it on social media sites.

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