As covered by Core Media, social media giant Facebook recently announced it’s banning all cryptocurrency ads from its platform. The move was part of its core belief that “ads should be safe.” As such, ads that can be seen as deceptive don’t belong on Facebook. However, users keep seeing cryptocurrency ads pop up on the platform.
Given Facebook’s reach and userbase, it’s entirely possible a lot of ads simply slip through the cracks. This, either because the social network’s system fails to properly identify them, or due to a technical malfunction.
According to Bloomberg, some advertisers are getting past the social network’s ban using old workaround email spammers figured out: changing the spelling. A recent example has been shared by Matthieu Suiche, founder of cybersecurity firm Comae Technologies,. It shows scammers spelled bitcoin “BlTC0lN,” replacing the “o” with a zero and the capital I’s with lowercase L’s.
This is ridiculous. Ads are evading new Facebook rules against crypto currencies, and ICOs by misspelling them. "BlTC0lN" with L and Zeros. pic.twitter.com/Tt9a4r4sYP
— Matthieu Suiche (@msuiche) February 3, 2018
The ad seems to show a link to a suspicious article titled “MUST READ! Don’t invest in BlTC0lN Before You Read This”. Although that ad is seemingly connected to deceptive practices, Facebook’s ban even covers legitimate cryptocurrency businesses like Coinbase or Bittrex.
The move came little after Facebook CEO Mark Zuckerberg revealed he is studying cryptocurrencies as a way to improve the social media giant. Per his own words, cryptocurrencies could help decentralize the internet and give more power to its users.
Cryptocurrency ads may soon disappear form Facebook
Facebook has notably been hiring thousands of new employees around the world to address problems its dealing with. These include fake news and alleged election manipulation. Bitcoin, cryptocurrencies, and ICOs are now on its radar too.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”