Crypto influencer on Twitter, John Carvalho reported that Facebook has taken to rejecting any advertising remotely associated in name or content to cryptocurrency or its vocabulary. His grouse is that despite the advertisers subscribing to June 2018 regulations setup by Facebook, any posts which refer digital currencies is automatically rejected by Zuckerberg’s teams.
Facebook, the social network has always been encouraging of business activities on the platform including Payment modalities. However, it does appear to have a stunted view of the cryptocurrency phenomenon and is repeatedly keeping advertisements by developers and promoters away from its network. On the contrary, it is already exploring the technology on which cryptocurrencies run blockchain or decentralized ledger technology – for smart contracts on its own plan.
Given the dichotomy that Facebook is demonstrating by banning even legit crypto adverts, there is an uproar from users.
One such aggrieved user has been John Carvalho, familiar to the crypto community as “bitcoin Error log” whose worst experience with Facebook over his e-commerce site, events using the “c” word or crypto was shared by him on Twitter thus,
“Hey @facebook, @facebookads, can you please fix your anti-Bitcoin advertising & boosting behaviors?! You say people can apply for exemption, but it never works. I can’t promote my events, I can’t promote by e-commerce site, and I can’t promote anything that even mentions crypto…”
“Ditto. We experience the same issue. This so-called “exemption” is probably just a sophisticated way of buying time..”
The only response coming forth from the world’s largest social networking site, was Rob Leathern, the Director of Products at Facebook. His response to the co-founder of CoinTracker a crypto tax management company, Chandan Lodha was perhaps the closest to an official response from the company –
“Same story with CoinTracker: months trying to get info to Facebook, only to get robotic responses that are *completely unhelpful*. Especially unfortunate for us because we are helping cryptocurrency users file their taxes as required by the law”
“I’ll share both of your feedback with the team working on the policy”
Rules for approval consist of multiple factors, including advertiser’s relationship with regulators, licenses since the company is yet to list on the stock exchange. Advertisements which are affected by the ban on cryptocurrency ads are found to promote binary options as well as initial coin offerings (ICOs).
The story is sponsored by newconomy.
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