Facebook crypto ad saga continues: Removes competitor ads
|- Facebook revisited its crypto currency ad ban in June 2018.
- Removal of Bloom ads raises questions on how Facebook views competitor ads.
Facebook has been on a reform journey for cryptocurrency advertisements since the beginning of this year. The social media giant banned crypto-related ads at some point this year before allowing them to run again. The same approach was followed by other social media platforms including Twitter and Google.
On October 30, Yahoo! Finance run a story saying that Facebook had removed ads from Bloom; an online-based identity management service mainly focused on providing protection for identities online. According to Yahoo! Finance, Facebook explained that the firm was offering financial service products that are deceptive to customers.
On the contrary, Bloom defended itself saying that it does not offer any financial services to its clients, although people can access loans via its platform. Bloom believes that its ads have been banned due to the similarity in the services it offers, particularly with Facebook’s identity service used for “login”.
As mentioned in the first paragraph Facebook embarked on an ad reform policy in January 2018. The company removed all crypto related ads and all the content deemed to be misleading and deceptive to the public. This was to ensure that users on its platforms are protected from spammers and websites that push their traffic using Facebook. However, the aggressive approach to cryptocurrency related ads was dropped in June 2018 noting that they will be taking more stringent way of dealing with ads on the website as opposed to banning them entirely. The company also promised to continue monitoring the tech and revising the policies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.