WASHINGTON: Facebook says it is banning all ads related to cryptocurrencies in an effort to fight scams.
The social media giant said it is barring ads for “financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
Initial coin offerings or ICOs are a way for companies to raise funds by selling investors cryptographic assets.
Fraud is common in the world of red-hot digital currencies such as bitcoin.
This week, for instance, the US Securities and Exchange Commission shut down an initial coin offering by a Texas company called AriseBank.
AriseBank was accused of relying on celebrity endorsers such as boxer Evander Holyfield and social media to cheat investors out of $600 million of its goal of $1 billion for a currency it called “AriseCoin.”
In a blog post announcing the news, Facebook product management director Rob Leathern hinted that Facebook may modify the new policy at some point to allow bona fide crypto-related businesses to advertise again.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Leathern wrote. “That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
“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,” he added.
Facebook bans ads for cryptocurrencies
Facebook bans ads for cryptocurrencies
Foreign media group slams Israel for refusing to lift Gaza press ban
- Foreign Press Association expresses 'profound disappointment' with Israeli government’s response to a Supreme Court appeal
- Israel has barred foreign journalists from independently entering the devastated territory since the war started
JERUSALEM: An international media association on Tuesday criticized the Israeli government for maintaining its ban on unrestricted media access to Gaza, calling the move disappointing.
The government had told the Supreme Court in a submission late Sunday that the ban should remain in place, citing security risks in the Gaza Strip.
The submission was in response to a petition filed by the Foreign Press Association (FPA) — which represents hundreds of journalists in Israel and Palestinian territories — seeking immediate and unrestricted access for foreign journalists to the Gaza Strip.
“The Foreign Press Association expresses its profound disappointment with the Israeli government’s latest response to our appeal for full and free access to the Gaza Strip,” the association said on Tuesday.
“Instead of presenting a plan for allowing journalists into Gaza independently and letting us work alongside our brave Palestinian colleagues, the government has decided once again to lock us out” despite the ceasefire in the territory, it added.
Since the outbreak of the Gaza war in October 2023, triggered by an attack on Israel by the Palestinian militant group Hamas, the government has barred foreign journalists from independently entering the devastated territory.
Instead, Israel has allowed only a limited number of reporters to enter Gaza on a case-by-case basis, embedded with its military inside the blockaded Palestinian territory.
The FPA filed its petition in 2024, after which the court granted the government several extensions to submit its response.
Last month, however, the court set January 4 as a final deadline for the government to present a plan for allowing media access to Gaza.
In its submission, the government maintained that the ban should remain in place.
“This is for security reasons, based on the position of the defense establishment, which maintains that a security risk associated with such entry still exists,” the government submission said.
The government also said that the search for the remains of the last hostage held in Gaza was ongoing, suggesting that allowing journalists in at this stage could hinder the operation.
The remains of Ran Gvili, whose body was taken to Gaza after he was killed during Hamas’s 2023 attack, have still not been recovered despite the ceasefire.
The FPA said it planned to submit a “robust response” to the court, and expressed hope the “judges will put an end to this charade.”
“The FPA is confident that the court will provide justice in light of the continuous infringement of the fundamental principles of freedom of speech, the public’s right to know and free press,” the association added.
The Supreme Court is expected to issue a ruling on the matter, though it is unclear when a decision will be handed down.
An AFP journalist sits on the board of the FPA.
