Facebook Crypto Ad Ban Brings Alternative Social Platforms to Focus among ICO Companies

by David Drake

Facebook has added initial coin offerings and cryptocurrency to its list of prohibited content which cannot be advertised by users. The social media company found it necessary to ban such adverts in order to curb the rising promotion of deceptive campaigns on its platform.

While Facebook’s actions are intended to protect investors from losing their money to scammers, ICO firms feel the move places blanket condemnation on all ICOs. This is because there are genuine, well-meaning ICOs that use the platform to market their campaigns.

Acknowledging that the ban will impact ICOs, Gotovtstev raises concerns that the ban seems not to apply to other financial campaigns.

“What leaves me especially speechless is the fact that everyday, I see advertisements of undoubtedly questionable financial service. Overall this means that we will have to look for alternative strategies of communication with our audience and be creative,” he adds.

Alternative platforms

At the same time, there are ICO firms that feel banning adverts relating to cryptocurrencies and ICOs won’t have any significant impact on future ICOs because of the existence of other social media platforms.

“There is always going to be a market for quality ICOs from companies that have working products. Even with Facebook’s announcement, there is still a great demand for such opportunities, and many more channels to get the message out. I believe that real ICO opportunities with real products and proposition will benefit from the filtering to lead potential buyers faster to genuine opportunities,” Cakmak says.

Disclaimer: David Drake is on the advisory board for most of the firms mentioned or quoted in this article.

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