Financial analyst drags Facebook to court over scam crypto ads

Financial analyst drags Facebook to court over scam crypto ads

Amid the bad press and the fallout from the Cambridge Analytica data theft, a new development will see social media giant Facebook under renewed pressure.

Martin Lewis, founder of consumer help site MoneySavingExpert.com, announced that he is suing Facebook in the UK High Court for defamation. Lewis is considered a popular figure in the UK as he also presents The Martin Lewis Money Show on ITV as well as being the founder of the Money and Mental Health Policy Institute.

In his suit, Lewis claimed Facebook published well over 50 fake advertisements, which were seen on a regular basis by several million people across the United Kingdom. The adverts allegedly used Lewis’s image to promote a fake product or investment scams that serious effects on the reputation of the popular presenter.

The most popular of these Facebook ads were cryptocurrency-linked ‘Bitcoin Code’ or ‘Cloud Trader,’ which Lewis said were fronts for binary trading firms operating outside the European Union. These get rich quick schemes are almost always invariably scams and are strongly condemned by the Financial Conduct Authority in the UK.

As with such suits, Lewis will not be seeking personal damages but only exemplary damages with all possible proceeds donated to charity.

Lewis said he had spent the past year fighting to stop Facebook from allowing scammers to use his name to rip off vulnerable people, some of whom have been duped into investing £100,000 in the alleged con.

“I’m not the only public face this has happened to. It’s time Facebook was made to take responsibility. It claims to be a platform not a publisher—yet this isn’t just a post on a web forum, it is being paid to publish, promulgate and promote what are often fraudulent enterprises. My hope is this lawsuit will force it to change its system. Nothing else has worked. People need protection,” Lewis said in a statement.

Lewis’s lawyer, Mark Lewis, said Facebook is not above the law and cannot think it is untouchable either. He said that they will ask the court to seek exemplary damages as the price of ‘causing misery to others’ and not just a simple accounting exercise.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Don't be surprised

Don’t be surprised, Twitter begins cryptocurrency ad ban

The rumors were true after all: Twitter has started banning cryptocurrency-related advertisements on its platform, too.

On Tuesday, the app became the latest social media network to clamp down on advertisements that promote potential fraud or cause large investor losses in the long run, Reuters reported. The new policy will cover ads on initial coin offerings (ICOs) and token sales, as well as promotions made by cryptocurrency exchanges and wallet providers who are not listed on major stock markets.

In Japan, advertisements made by cryptocurrency exchanges that are not recognized by the Financial Services Agency (FSA) will be banned on Twitter, the San Francisco company told Reuters.

A Twitter spokesperson confirmed to CNBC that “the advertisement of initial coin offerings (ICOs) and token sales will be prohibited globally” under the new policy.

Reports that Twitter is banning cryptocurrency-related advertisements surfaced last week, following in the footsteps of social media giant Facebook and tech giant Google. Early this month, Twitter said it has started implementing measures to prevent cryptocurrency accounts from “engaging with others in a deceptive manner.”

Facebook announced several weeks ago that it would ban all cryptocurrency advertising in order to restrict the number of misleading promotions, especially ICO-related advertisements. Google also confirmed that it would start banning all advertising for cryptocurrencies on its sites, including YouTube, starting June.

Also joining the crackdown on ICO promotions is Snapchat, which announced last week that it has forbidden all ICO-related ads      on the social media app. Snapchat’s parent company, Snap Inc., has been restricting advertisements that promote cryptocurrency token sales since February, although the ban doesn’t apply to other types of cryptocurrency ads.

In an interview with Reuters, Zennon Kapron, director of financial consultancy Kapronasia, said it’s now “an impossible task for anyone… to keep on top of which ICOs and cryptocurrencies are genuine versus frauds.”

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/dont-surprised-twitter-begins-cryptocurrency-ad-ban/

Snapchat joins social media networks banning ICO ads

Snapchat joins social media networks banning ICO ads

Social media platforms have been going after cryptocurrency advertisements, particularly those that promote initial coin offerings (ICOs). The latest move comes from Snap Inc., which this week announced that it has banned all ICO-related ads in the Snapchat app.

According to Coindesk, a representative from Snap Inc. confirmed the ICO ad ban on the social media app. However, there is no information whether or not Snap is planning to extend the ban on other crypto activities. Cheddar reported that Snapchat’s parent company has been restricting advertisements that promote cryptocurrency token sales since February, although the ban doesn’t apply to other types of cryptocurrency ads.

The move by Snapchat to ban ICO-related ads will greatly affect companies that rely on social media to advertise their tokens to the public. Many companies raised billions of dollars though ICOs in 2017. Snapchat has joined other social media giants like Facebook and Google in stopping these ICOs from advertising on social media.

Facebook imposed the ban on cryptocurrency and ICOs and only allowed educational ads relating to crypto market.

Last week, Google announced that it will also ban all cryptocurrency related advertisements, starting from June. This will be implemented also in Google additional platforms like YouTube. According to a statement made by Google’s director, Scott Spencer, Google will impose the ban on crypto-related ads as a precautionary measure to protect the consumers from potential harm. A recent survey by the North American Securities Administrator Association, found that millennials were the most at risk of becoming victims of frauds from tech-related products.

Sky News reported that Twitter is also planning to impose this ban, though it’s not officially communicated. The ban by Twitter is expected to affect cryptocurrency wallets, exchanges, and ICOs, with few exceptions.

The recent activities to block out cryptocurrency ads on social media comes stern warnings from U.S. Security and Exchange Commission on ICOs. These warnings suggest that most ICO tokens could be considered unregistered securities.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.