Facebook’s long running headlines with cryptocurrency ads has persisted through the years peaking during the 2017 bull run and concluding with the tech giant banning crypto related ads from the platform in 2018. However, with the tech giant set to launch their own digital token, Libra, alongside other corporations in the Association, cryptocurrency adverts have slowly crept back on the platform.
Dutch Courts Set Up Measures For Bitcoin Ads on Facebook
While some of the ads are legitimate, recent complaints from some Dutch celebrities show that there are a number of fake Bitcoin ads circulating on the social platform. According to reports from De Rechtspraak, an online law Dutch website, John de Mol, a business mogul in Netherlands won a case against Facebook to ban digital currency advertisements on the platform.
The case file reads that during the end of 2018 and the start of this year, a number of Dutch investors lost close to €1.7 million in total through fake Bitcoin investments on Facebook. The filing from John asks the court to rule on Facebook’s identification of the advertisers accounts and ban the accounts forever.
The courts ruled on Facebook acting on false information published on the platform stating the company must work to identify the false information and ban the accounts. While De Mol’s request may be a bit too specific to cause legal problems, Facebook acted on crypto ads in the country filtering some of the content off the platform which has pushed the court to demand for more action – as it is deemed possible.
Facebook is not obliged to keep the advertisers off forever. According to the preliminary relief judge, that requirement is too far-reaching. However, if Facebook does not follow the measures set in place by the courts, then they are subject to a €1.1 million euros fine.
Facebook In The Spotlight For Crypto Ads
Despite a stringent ban on cryptocurrencies in 2018, the company made a U-Turn on the decision to ban crypto ads citing the “growing nature of the crypto field”. By the end of July almost all crypto ads were back on the world’s #1 social platform including Coinbase and Grayscale Investments.
However, with the company making $4 million an hour, the fine may be too small punishment for the platform. Alex Jimenez, Chief Strategist officer at Extractable said,
Facebook ordered to remove fake #Bitcoin ads or pay $1.2 million
— Alex Jiménez (@RAlexJimenez) November 12, 2019