Some marketers still view the ban as one that won’t have an effect on their operations since they rely on other platforms for advertising or have already a strong social presence. Some people feel that these companies are beginning to feel the threat of decentralized tech.
Facebook, Google, and Twitter (with an exception for verified users) said they will no longer allow ads related to cryptocurrencies and ICOs on their platforms. However, sly marketers are not in short of tricks on how to bypass the ad filtering system.
Marketers are exploiting a ridiculously simple trick of ensuring cryptocurrency ads broadcast on social media, by avoiding the forbidden terms and using keyword variations. For instance, some are abbreviating the word “cryptocurrency” to “c-currency” and other variations.
Far from perfection
An ad exploiting the system through this process was seen (and reported) yesterday but Facebook responded by removing it. They admitted to The Next Web news that they “realize enforcement may never be perfect.”
A Facebook spokesperson said,
“We can confirm this ad was in violation of our policy and has been removed. Since announcing this policy our systems have been working continuously to better detect deceptive and misleading advertising practices.”
What’s more? with the strength of crypto forums and dedicated chats, marketers are informing enthusiasts about the new move. Therefore, it is still possible to advertise ICOs and cryptocurrencies on Facebook.
This is not the only way of circumventing the ban. Ads have been on Facebook as early as the date after ban enforcement.
Google, Twitter, Snap, and MailChimp also followed suit by purging these types of ads. However, even third-party websites are awash with ads about cryptocurrencies and ICOs facilitates through Google AdWords platform.
The move is welcome by quite a number of people in the crypto industry saying it could help weed out bad actors. But those might be those who have alternative channels for marketing their products and services. For instance, if you have built a strong social presence, you might indeed not feel the effect. The ban might actually be helpful by cutting out the competition.
One huge problem with the blanket ban is that it does not differentiate between promising startups and outright frauds — just a mere ban on a few keywords may have such an effect. Again, it is uncommon to find other scam-ridden industries such as diet pill businesses advertising. However, freely on both Google and Facebook and Twitter and other firms that ban crypto ads. Therefore, it can only be seen as an unfair selective policy.
One Italian economist from the University College London’s Centre for Blockchain Technology says that these companies are only beginning to feel the threat of decentralization of the technology they have so much held on to dearly.
“If the tech giants that are in control of the majority of our data in a centralized fashion are really willing to take this direction—which is against this kind of decentralized model—it’s a really a bad method.”
He adds that there are scams and illegal activity in every other business and so crypto or ICO are not peculiar this way. As a matter of fact, the move could be challenging as an “unfair” suspicious move given SEC. And other regulators are to recognize cryptocurrencies as securities.