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Facebook Reverses Its Crypto Ad Ban (techcrunch.com)

Posted by BeauHD on from the on-second-thought dept.

Back in January, Facebook banned cryptocurrency ads because too many companies in this space were "not currently operating in good faith." Now the social media company is reversing its ban effective immediately. "The company says it will allow ads and related content from 'pre-approved advertisers,' but will still not allow ads promoting binary options and initial coin offerings," reports TechCrunch. From the report: This time around, it's making advertisers go through an application process to determine their eligibility. Facebook will ask advertisers to include on their applications details like what licenses they've obtained, whether they're a publicly traded company, and other relevant background information regarding their business. How thoroughly this information is fact-checked by Facebook staff remains unclear.

The company reminded users in the same announcement that they should continue to flag ad content that violates its guidelines. In other words, expect some bad ads to get through. Facebook explains its new requirements will keep some crypto advertisers from being able to hawk their businesses on the social network, but adds that its policy in this area continues to be a work in progress. Facebook's Product Management Director, Rob Leathern, made the announcement.

28 comments

  1. Now we get to see... by forkfail · · Score: 1

    ... which currencies Zuck invested in, I guess...

    --
    Check your premises.
    1. Re:Now we get to see... by Penguinisto · · Score: 1

      ...that, or FB really jacked-up their ad rates for crypto-related ads ('...just to make sure these were not fly-by-night companies, you understand...')

      --
      Quo usque tandem abutere, Nimbus, patientia nostra?
    2. Re:Now we get to see... by WankerWeasel · · Score: 1

      Ad rates are based on competition within the bidding system. So the more crypto advertisers you have, the higher the bids will go. It's in FBs best interest to allow as many as possible, as they're all competing for the same eyes, increasing their bids, and revenue they're paying Facebook for those eyes.

    3. Re:Now we get to see... by Actually,+I+do+RTFA · · Score: 1

      You get to see which currencies he invests in, in real time.

      --
      Your ad here. Ask me how!
    4. Re:Now we get to see... by DontBeAMoran · · Score: 1

      Reddcoin is made for social networks integration.

      --
      #DeleteFacebook
  2. ad's for putin coin must be rushed out! by Joe_Dragon · · Score: 1, Funny

    ad's for putin coin must be rushed out!

  3. Anyone know why they care? by rsilvergun · · Score: 1

    I'm assuming they're afraid of getting nailed by the SEC, just not sure why.

    --
    Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
    1. Re:Anyone know why they care? by Anonymous Coward · · Score: 0

      They are worried about lots of things.

      The most important is that most of this stuff is a scam in one way or another. We can all debate until we are blue about various aspects of the scams but the end game is always the same: the ad is meant to take wealth from the unsuspecting victim and transfer it to the purchaser of the ad. This is bad for facebook because the people that fall for this stuff are usually kids, elderly, stupid, or otherwise unfit to govern their own affairs.

      By facebook facilitating the placement of the ads they are 1) partially complicit from a legal standpoint 2) definitely complicit in the court of public opinion.

      What this translates to is both a possible financial liability AND a risk that competent people prevent their kids, elderly and stupid people from using the platform so they are not harmed. It is one thing if your retard kid buys a stupid t-shirt online for $25 and a completely different thing if they fork over $500 for some worthless coins.

    2. Re:Anyone know why they care? by Anonymous Coward · · Score: 0

      They are worried about lots of things.

      The most important is that most of this stuff is a scam in one way or another. We can all debate until we are blue about various aspects of the scams but the end game is always the same: the ad is meant to take wealth from the unsuspecting victim and transfer it to the purchaser of the ad. This is bad for facebook because the people that fall for this stuff are usually kids, elderly, stupid, or otherwise unfit to govern their own affairs.

      By facebook facilitating the placement of the ads they are 1) partially complicit from a legal standpoint 2) definitely complicit in the court of public opinion.

      What this translates to is both a possible financial liability AND a risk that competent people prevent their kids, elderly and stupid people from using the platform so they are not harmed. It is one thing if your retard kid buys a stupid t-shirt online for $25 and a completely different thing if they fork over $500 for some worthless coins.

      what are you even going on about?

    3. Re:Anyone know why they care? by Anonymous Coward · · Score: 0

      what are you even going on about?

      Try reading what you quoted. That would give you a pretty good idea what he was going on about.

  4. FB stays true to their principles: MONEY GRAB!!!!! by Anonymous Coward · · Score: 0

    What'd you expect Facebook to be, a bunch of dumb fucks?

    That's the users!!!

  5. Money. by ScienceofSpock · · Score: 2

    The just couldn't keep up the facade for very long, eh? Someone offers them enough cash and they'll change their rules. Fuck the users.

    Anyone else still have questions on what facebook is all about?

  6. Being two-faced is a natural for coins by Anonymous Coward · · Score: 0

    And especially for Facebook who knows that shady ICOs need to advertise even more. And where is the best place to find gullible suckers again? Get those virtue signalling points from the press, then collect the money, that's the ticket.

  7. Wait... by NoNonAlphaCharsHere · · Score: 1

    Back in January, Facebook banned cryptocurrency ads because too many companies in this space were "not currently operating in good faith." Now the social media company is reversing its ban effective immediately.

    So you're saying that Facebook can now be trusted to determine when someone is acting in "good faith"?

    <head asplodes>

    1. Re:Wait... by Anonymous Coward · · Score: 0

      TIL: The difference in bad faith and good faith is the number of zeroes on the check.

  8. All good decisions at Facebook... by Anonymous Coward · · Score: 0

    Only last until you stop paying attention.

  9. "crypto" means cryptography by Anonymous Coward · · Score: 0

    "Crypto" is not an acceptable abbreviation for cryptocurrency. It's already taken by cryptography. Anyone who uses that abbreviation for cryptocurrency, is very likely trying to deliberately confuse people. Shame on you.

    1. Re:"crypto" means cryptography by ITRambo · · Score: 1

      Gay used to mean happy. Language evolves.

    2. Re:"crypto" means cryptography by omnichad · · Score: 1

      That argument was lost with words like "phone" as an abbreviation for telephone. And co-ed (co-educational) somehow meaning only women. Pro as Professional is an entire prefix that only means one use of it when alone. And if you want to go way back, gymnasium shortened to gym reduces to naked in Greek (when you look at the original word parts).

  10. Well, there's your problem ... by fahrbot-bot · · Score: 1

    ... Facebook banned cryptocurrency ads because too many companies in this space were "not currently operating in good faith."

    They abandoned that rational because it ended up blocking Facebook ads too. :-)

    --
    It must have been something you assimilated. . . .
  11. Is FB now liable? by Anonymous Coward · · Score: 0

    Since FB is now vetting advertisers, or at least crypto advertiser's, shouldn't FB be co-liable for fraud/deception/etc?
    They are no longer just accepting ads like a newspaper, but curating the ads like a broker. Seems like a slippery slope which is fine till something goes wrong....

  12. Midleading headline: crypto != cryptocurrency by Anonymous Coward · · Score: 0

    Sheesh people, stop calling made-up proof-of-work 'currency' CRYPTO. The prefix has a well-established meaning pre-dating all this nonsense!

    How about I start calling laxatives CHOCOLATE and putting it on shelves everywhere for you to buy with your 'CRYPTO'.

  13. In other news, Facebook lauches cryptocurrency... by Anonymous Coward · · Score: 0

    Completely unrelated.

  14. sounds dangerous by Anonymous Coward · · Score: 0

    once they allow some ads and not others one could argue they are implicitly saying that the ads they allow are legit

  15. reversing its ban by Errol+backfiring · · Score: 1

    Not only that, but by "reversing" I read that they now only place ads "not currently operating in good faith."

    --
    Nae king! Nae laird! Nae yurrupiean pressedent! We willna be fooled again!
  16. All cryptocurrencies and ICOs are scams by Anonymous Coward · · Score: 0

    Are (any) fiat-currency and (any) cryptocurrency really equivalent, as cryptocurrency fans claim?
    For example, US Dollar and Bitcoin are really equals?
    Value/validity/authorization of US dollar is provided/guaranteed by US Government (and in-turn whole US Public)!
    Also, not to mention, US Dollars in any US Bank is insured by US Government!
    What authorization/guarantee/insurance is behind Bitcoin? Nothing!
    Sorry but that is the end of discussion then!

    Why do you think Satoshi Nakamoto is really hiding his identity, if Bitcoin is really such a great innovation?
    He is just someone does not like media/fan attention?
    Or, could it be really because Bitcoin (and all cryptocurrencies followed it) are actually Ponzi Schemes?
    (So he knew very well that law enforcement would come after him sooner or later?!)

    If so-called cryptocurrencies are really good innovation, why they attract so many criminals/criminal activity?
    Could it really be because, all cryptocurrencies themselves are scams, and that is why they attract all kinds of criminals/criminal activity?

    If so-called cryptocurrencies are really currency, why no company/store can use Bitcoin as currency anymore?
    Because the price of Bitcoin proved to be extremely unstable to use as a currency?
    Would the result be different, if Bitcoin replaced by any other "cryptocurrency"?
    Aren't all work the same way?

    If so-called cryptocurrencies are really money; isn't people issuing their own money, illegal already, in all countries?
    If so then, why they are still not banned in all countries?

    Or, they are not actually virtual currency but virtual investment?
    But, if they are actually investment, why we need/want them?
    What would happen to world economy, if people invested in virtual investments, instead of real investments?

    Or, all so-called cryptocurrencies are actually just a modified (made decentralized and paying variable interest) Ponzi Schemes?
    (Price of cryptocurrencies would keep increasing in the long term (by their design), so it is equivalent of paying variable interest to all long term investors.)

    Also, since all so-called cryptocurrencies are actually financial scams (Ponzi Schemes), that means, they cannot be the solution for any of existing financial problems of our world!

    As more and more people invest in cryptocurrencies, it will become harder and harder to ban their trading everywhere (because people invested in cryptocurrencies, would try to stop anyone trying to ban cryptocurrencies)!
    All cryptocurrencies need to be banned globally before it is too late!

  17. Native BEST way to block coinminers by Anonymous Coward · · Score: 0

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    Yields more security/speed/reliability/anonymity vs. any SINGLE solution (99% of threats = hostnames vs. IP address that most firewalls use) more efficiently/FASTER + NATIVELY 4 less!

    (Vs. "Bolt on 'MoAr' illogic-logic" competitors slowing you, hosts speed you up 2 ways (adblocks + hardcodes u spend most time @) vs. competition loaded w/ bugs (DNS/AntiVir) + their overheads (messagepass ('souled-out' to advertiser addons) + filtering drivers) & their complexity leads to exploitation).

    * ONLY 1 of its kind GUI on Linux!

    (Better vs. Windows ver in speed/efficiency + "merge")

    APK

    P.S.=> See subject & "hosts trick to block the Coinhive or Crypto-Loot" - https://www.bleepingcomputer.com/news/security/a-new-player-joins-coinhive-on-the-browser-cryptojacking-scene/

  18. Registered /.ers review of the Win64 model by Anonymous Coward · · Score: 0

    Your software is just fine - well written, functional... I'm going to continue using the Host File Engine by mmell February 17, 2017

    (APK's work), I've flat out said it's good by BronsCon February 11 2016

    his hosts program is actually pretty good by xenotransplant August 10 2015

    his hosts tool is actually useful for those cases in which one does indeed want to locally block stuff outright while consuming minimum system resources by alexgieg September 25 2015

    I like your host file system by Karmashock September 09 2015

    I do use APK's host file on all my systems at home by OrangeTide December 01 2017

    I personally use a HOSTS file blocker produced from a genius called APK by 110010001000 October 27 2017

    * See subject: Best part's the Linux 64-bit model's faster & more efficient (does 2x the work in 1/2 the time)

    APK

    P.S.=> Enjoy a faster/safer/more reliable internet... apk