Facebook Regulates Ads Amid Bitcoin Boom

Facebook on Tuesday took a proactive step to block ads related to cryptocurrencies, underscoring a broader effort to reshape its image amid previous controversies involving Russian ads and fake news.

Although Bitcoin is perhaps the most well-known of all cryptocurrencies, there are thousands of so-called “alt-coins.” Many attempt to solve real-world business problems, but a sizable amount have no actual product or team, and merely attempt to swindle newcomers hellbent on getting rich quick.

So it isn’t surprising that scammers turned to Facebook to post ads for sketchy “initial coin offerings,” also called ICOs, or to offer financial advice for products that were similar to a ponzi scheme.

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