In attempts to address the overwhelming explosion of cryptocurrencies and ICOs scams, Facebook has officially banned all advertising of cryptocurrencies. These regulations are not meant to stop people learning about new products and services as opposed to making sure that such products and services are not scams to whatever degree that is possible.

Facebook has come under criticism for supporting or being used to aid all sorts of unethical ideologies and campaigns as well as events with critical outcomes. Facebook has banned and suspended many users to try address these criticisms and reported abuse. Now they are cracking down on all cryptocurrency and ICOs in order to address yet another unethical role they are trying to avoid being pulled into, making scams available on Facebook.

The Face of Facebook

Accusations of being a dominant monopoly and a centralised, one-stop place for social media, Facebook is in a center stage position. Controlling an entire platform with so many accounts is complicated. Facebook takes on this challenge with their own team who deal with reports of abuse and now adverts for cryptocurrency and ICOs. It also asks account holders to help with this ban by reporting adverts.

While the face of Facebook is beautifully architectured by public relations (PR), Facebook has and is facing (irony intended) lots of criticism about its ethics as it always will. What data is collected and shared by Facebook owned companies and apps? Why does Facebook ban some accounts that are reported for abuse and ignore calls to ban other accounts that seem to be objectively hateful or harmful to specific people or ethnic groups? Scandal after scandal has been dealt with by Facebook PR, but what action is taken?

Now Facebook is targeting cryptocurrency. Why is this significant? The face of Facebook is painting an ethical stance once again against scammers and protecting users. However by banning all cryptocurrency adverts, which Facebook admits is almost an impossibility given the prolific nature of these adverts, are they also not sending a statement of being anti-cryptocurrency? It is not possible to articulate all the consequences of this bold statement, but it is possible to look at 1 or 2 significant effects of this ban on cryptocurrency.

The Monopoly versus Decentralization

Monopolies have advantages. Usually, monopolies are held accountable for their misdeeds. There is someone who has to take responsibility for miss use of their policies. Policies are clear, and challenge to rules is open.

On the other hand, the whole point and appeal of cryptocurrency is decentralization. The freedom to invest and hodl (hold) cryptocurrencies. Middlemen are cut out. Monopolies are toppled. Power is put back in the people's hands.

Ethical Responses versus Possible Stamp Out Campaigns

Is Facebook addressing a travesty or trying to destroy its rival? Is the move to ban all cryptocurrency and ICO adverts really for the protection of the account holders or for the company Facebook? It seems drastic that a platform would ban a whole, entire, complete entity from advertising. When considering that the reason is for protection, maybe there should be action taken - agreed. However when have we seen a whole platform take such drastic action to eliminate an entire portion of the market? What about the honest cryptocurrencies? Is there an action that can be taken that would be in proportion to the issue being addressed? Maybe not because it is tricky to target scams, but does not every financial market have scams? Doesn't every industry have scams? Should we be questioning what Facebook's motives are for banning cryptocurrency advertising when we know that Bitcoin, and its subsidiaries, and Eutherium, and others are entirely legitimate? Maybe if you allow those through it is impossible to block scams, but then is this not the same with every industry. Such drastic, complete actions seem to be intriguing.

What is the motive behind this Facebook ban? Is it in the interest of the users, Facebook, or both? Is it essential to ban all cryptocurrency and ICO advertising? Maybe only all ICO advertising seeing as these adverts do pop up the most and need a public, social media platform to attract so many people. What other solutions could there be to address this problem without being bias against the entire cryptocurrency market? We would love you to voice your opinion on this controversial topic.