Facebook has announced that it is now banning the use of paid ads for cryptocurrencies and ICOs.
Electroneum (ENT) Made the following announcement on the social media platform:
In our view, this is a bit of a knee-jerk reaction. Facebook has been an incredible platform for us to build our global community and, without ads, it’s very tough to cut through the noise and speak to the people who want to hear you.
Unfortunately cryptocurrencies are still seen as the Wild West and in part that is due to the cowboys out there running fake or misleading ICOs, sucking people in with no intention of developing a viable currency or moving crypto forward. We can see why Facebook has felt the need to act – consumers need to be protected – it’s just a shame this ban has to be so heavy-handed as it risks punishing genuinely well-intentioned businesses and technologies. However, consumer protection is important and hopefully as more regulation comes in around cryptocurrencies and ICOs, Facebook will be able to provide access again.
This ban comes at a time when lots of governments and international organisations are discussing regulating cryptocurrency. We’d like to be clear – we’re in favour of regulation. We think, for the protection of consumers and the longevity of cryptocurrency, regulation is necessary and inevitable. The time is right for prospective regulators to reach out and have proper conversations with the voices in cryptocurrency about how to bring in productive regulation that A) protects people and builds trust and B) does not hinder innovation. We will have a video out soon that will have Richard Ells CEO of Electroneum discussing in some depth his views on crypto regulation – keep your eyes peeled for it!
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