Some are calling this a very bold move, but Facebook has decided to bann Cryptocurrency advertising on its Facebook and Instagram platforms. This Facebook advertising ban also includes Initial Coin Offerings (ICOs), Binary Options, and other similar financial products.
Facebook Explains Ban on Cryptocurrencies, ICOs, and Binary Options
Explained in a company blog post, Rob Leathern, the director of product management claimed this was to protect Facebook users:
We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency.
Facebook claims that this move is according to Facebook advertising policy, and their goal is to protect their users so that Facebook members continue to discover and learn about new legitimate and ethical products and services through Facebook ads without any fear of deception or scam. Any company that is currently advertising binary options, ICOs and cryptocurrencies a or any similar products, is not operating in good faith and it is a matter of time before their advertising account gets suspended.
Fad or Future?
Whether this bold move by Facebook is really to protect its brand or other reasons, it is debatable. But one thing is for sure; the financial industry is always under extra scrutiny not only by governments and public groups but also advertising giants. It wasn’t long ago where Google pulled the plug on the payday loan and cash advance lenders that hurt many of those businesses yet Google still remained profitable. We don’t anticipate Facebook revenues or profits hurting from this move, at least not just yet. And if Bitcoin and other Cryptocurrencies are just a fad, then Facebook may have made the right decision. But if such products and digital currencies are the future, then Facebook will have to reconsider this decision because after all, Facebook is in it to make money and if the currency of future is Bitcoin and other similar digital currencies.
By the way, this new policy is very strict because even ads that remotely mention Bitcoin, cryptocurrency, ICO/Initial Coin Offerings and Binary Options are being filtered on Facebook, its Audience Network, and Instagram. This even includes ads that promote non-financial products such as books and tutorials, videos and other editorial products.
Facebook Advertising For Your Business
Facebook advertising is still a very effective tool but other businesses These campaigns are very effective for all stages of buyers journey, awareness, consideration, transaction and post-transaction. If you don’t have a Facebook advertising strategy in place, chances are you are missing out on the unique audience that your competitors may be taking advantage of and you may be falling behind. The geo and demographic targeting, audience network is, artificial intelligence and Facebook “Learning Phase Progress” is exceptionally effective for advertising.
What Is Facebook Learning Phase Progress?
Facebook release the new “Learning phase progress” status a few months ago to inform the advertiser that Facebook’s sophisticated AI based algorithm is at self-correcting and optimizing Ad Sets based on campaign objectives.
Need to learn more about Facebook Advertising and how it can impact your business? Contact us today.