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Facebook Eases Ban on Cryptocurrency Related Ads

But the company will continue to block any ads that promote binary options and initial coin offerings

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LinkedIn faced probe for Facebook ads targeting 18 mn non-members. Pixabay

Facebook said on Tuesday that it is taking steps to ease a January policy banning financial products and services associated with cryptocurrency.

Rob Leathern, Product Management Director at Facebook, said in an official blog post that the world’s largest social media network has “looked at the best way to refine this policy — to allow some ads while also working to ensure that they’re safe.”

Facebook announced a broad policy in January this year which prohibited “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency”.

The policy, which even stopped legitimate businesses from buying advertisements, aimed to better detect what Facebook called deceptive promotional practices by many companies advertised binary options and cryptocurrencies without good faith, Xinhua reported.

Leathern announced that starting June 26, Facebook will be updating its “policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers”.

Representational image.
Representational image. Pixabay

But the company will continue to block any ads that promote binary options and initial coin offerings, he said.

Advertisers are required to submit an application to Facebook before hand if they want to run ads for cryptocurrency products and services, so that Facebook can assess their eligibility, including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.

Under these restrictions, not everyone who wants to advertise will be able to do so, Facebook said.

Also Read: Facebook Hires A Team To Find Troubles Before They Arise

“But we’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time,” Leathern wrote.

Last month, Facebook established a new experimental blockchain group dedicated to the technology that powers cryptocurrencies like bitcoin. (IANS)

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Facebook Removes 3.2 Billion Fake Accounts

Facebook removes 3.2 billion fake accounts and 11.4 million hate speech posts

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Facebook kills 3.2bn fake accounts and11.4 million hate speech posts. Pixabay

As the US Presidential election approaches, Facebook said that it has removed more than 3.2 billion fake accounts in the April-September period along with taking action on 11.4 million hate speech posts in the same period.

In total, Facebook removed 5.4 billion fake accounts and 15.5 million hate speech posts since January.

“Over the past two quarters, we have improved our ability to detect and block attempts to create fake, abusive accounts. We can estimate that every day, we prevent millions of attempts to create fake accounts using these detection systems,” the social networking giant said on Wednesday.

The majority of such accounts were caught within minutes of registration, before they became a part of Facebook monthly active user (MAU) population.

“Our proactive rate remained above 99 per cent for both quarters. Prevalence for fake accounts continues to be estimated at approximately 5 per cent of our worldwide monthly active users (MAU) on Facebook,” said the company.

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In total, Facebook removed 5.4 billion fake accounts since January. Pixabay

Earlier this year, Facebook began allowing its hate speech algorithms to begin automatically removing content that violates its policies.

“One result of that decision has been a sharp spike in the amount of hate speech taken off Facebook,” said the company.

Facebook said It is using machine learning-based detection technology that can find and flag hate speech using several different methods.

Also Read- ‘Project Nightingale’ of Google Confronts a Federal Inquiry in the US

“Starting in Q2 2019, our systems began removing posts automatically when they received very high scores or matched existing hate speech in our database. In all other cases when our systems detect potential hate speech, they send the post to our review team to determine if it should be removed,” explained the company. (IANS)