News

Facebook Ban All Cryptocurrency Adverts

Facebook

The social media website has been working hard in recent weeks to attempt to clean up its image. Amid accusations of fake news and spreading hate speech, it hasn’t been an overly positive year for the company, despite it being a profitable one.

Amid allegations that cryptocurrencies are potentially being used for illegal activities, Facebook has taken the unexpected step of announcing that all cryptocurrency adverts will be banned from its website.

Banning Cryptocurrency

In a report via The Independent, the step has been taken amid concerns that the adverts may be used to defraud people or even at its most benign, to potentially cause people to lose money.

The social media site has particularly taken exception to adverts which have used the tagline: “Use your retirement funds to buy bitcoin!

Somewhat of a contradiction

While I applaud Facebook endeavouring to improve its image, there is somewhat of a contradiction here. Ultimately, someone, somewhere at the social media site, initially thought accepting such advertisement was acceptable.

The changes proposed, however, are quite sweeping. It will see the banning of any advertisement of any cryptocurrency, initial coin offerings or binary deals. “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.”

Facebook is at a crossroads

Facebook, while still incredibly popular, is losing visitors hand-over-fist. There are of course many reasons for this. In general, though, Facebook is stagnating. It simply must do something to either improve the experience or to attract members back.

Such steps will help, but ultimately it’s a small step in what I feel is a big distance necessary for Facebook to keep up with its competition.

What do you think? Is this a sensible move by the social media site? Should all cryptocurrency adverts be subject to regulation? – Let us know in the comments!

Support eTeknix.com

By supporting eTeknix, you help us grow and continue to bring you the latest news, reviews, and competitions. Follow us on Facebook and Twitter to keep up with the latest technology, share your favourite articles, chat with the team and more. Also check out eTeknix YouTube, where you’ll find our latest video reviews, event coverage and features in 4K!

Check out our Latest Video

Mike Sanders

Disqus Comments Loading...

Recent Posts

Nvidia’s GeForce RTX 5090 Possible Price Revealed

According to a new report, the GeForce RTX 5090 GPU will be very expensive. It…

4 hours ago

AMD Krackan Processor with 6 Zen 5 and Zen 5c Cores for Budget AI Laptops Leaked

A new AMD processor in the form of an engineering model has been leaked in…

5 hours ago

SK Hynix Begins Production of First 321-Layer NAND Chips

SK Hynix has claimed to be the first company to mass-produce 321-layer NAND memory chips.…

5 hours ago

Trust Gaming GXT 609 Zoxa 2.0 PC Speakers

SOUNDS GREAT – Full stereo sound (12W peak power) gives your setup a booming audio…

9 hours ago

PowerA Wired Controller for Nintendo Switch

Special Edition Yoshi design Ergonomic controller shape with Nintendo Switch button layout Detachable 10ft (3m)…

9 hours ago

Logitech G Saitek PRO Flight Rudder Pedals

Fluid Motion: These flight rudder pedals are smooth and accurate that enable precise control over…

9 hours ago