Facebook is intending to ban cryptocurrency related advertisements on its platform from November 2021, as they are leading to online scams and money loss schemes targeting to thousands of individuals using Facebook irrespective of their age.
Charles Randell, the chairperson of UK’s Financial Conduct Authority(FCA) confirmed the news and urged all internet giants like Google & Twitter to block all crypto related scams on their sites.
In the name of mining crypto or earning the digital currency by answering just a few questions, online users are being targeted by fraudsters who often try different ways to siphon money from the accounts, respectively.
However, all such practices will see an end soon as Mr. Randell wants the Boris Johnson government to include financial harm factor in the online safety bill that makes it mandatory for web services provider to check the authenticity of their ad placing customers.
Celebrity profiles posted on Facebook and Twitter might soon be barred from promoting any kind of crypto currency related advertisements as they are betraying their fans by pushing them towards high risk online investments that can dupe their earnings any moment.
For instance, on a recent note, Fashionista Kim Kardashian was seen promoting digital token named Ethereum Max on her Instagram profile, influencing her 251 million social media followers to make an investment with choice.
Usually, such posts earn up to £360,000 to the celebrity promoting products, services or events. And with her latest posts, Miss Kardashian could have earned millions pushing her followers to investments that involve highly volatile currency.
Currently, FB has made it official that it will block advertisers from placing digital currency related advertisements on its celebrity profiles. And in coming days such ads might also be banned from being promoted on profiles of normal users.
Twitter and Google did not release any statement on this note.