Facebook Bans Crypto And Binary Trading Ads

John Medley

The overheated ICO and cryptocurrency market suffered another blow yesterday. Facebook is now banning ads on its social media site that promote cryptocurrencies, particularly ICOs and binary options. The announcement came from a Facebook blog post written by  Rob Leathern, Product Management Director.

“We’ve created a new policy that prohibits 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.”

Rob Leathern

User complaints of the ads are thought to have caused the decision. ICOs and binary option trading for cryptocurrencies are exceptionally risky and none of the ads represent this risk accurately inevitably leaving many retail investors holding the bags.

They even included some examples that may look familiar:

Facebook ad ban.png

Bitcconnect suffered a collapse of 90% in a matter of hours last month and it was coins like this that were using Facebook advertising to drawn in retail traders. Which is why many have welcomed the news as they see it as an important step towards clearing up the ICO market that has become rife with malpractice and scam activity.

Advertising on sites like Facebook was one of the best ways for ICO scammers to get into the pockets of retail investors. Without out this option ICO evangelists hope this will sort the wheat from the chaff.

Justin Sun Invites eToro CEO Yoni Assia to His Lunch Meeting With Warren Buffett

Justin Sun, the founder of the TRON Foundation who won an annual auction to have lunch with billionaire investor Warren Buffett, has invited the founder and CEO of eToro, Yoni Assia, to the event. Sun has so far invited four individuals to go with him.

Assia responded to Sun’s invitation via the popular microblogging platform Twitter, accepting it.

Sun has earlier this month invite3d the head of the Binance Charity Fund, Helen Hai, to go as well. Hai agreed to go, stating the lunch was a great opportunity to discuss cryptocurrency and philanthropy. Jeremy Allaire, the CEO of cryptocurrency payments firm Circle, which acquired the cryptocurrency exchange Poloniex last year, was also invited.

The first to be invited to go with Justin Sun, who paid a record $4.56 million to have lunch with Buffett, was Litecoin founder Charlie Lee. Three more invitations to the event are expected. The lunch will take place on July 25 at Quince, a popular restaurant in San Francisco with three Michelin stars.

Buffett has been auctioning off a chance to have lunch with him since 2000, as a way to support one of his favorite charities, the Glide Foundation, which provides meals for San Francisco’s homeless, supports domestic violence victims, and more. The event has already raised over $30 million for the charity, according to Forbes.

Sun winning the auction this year is significant, as various prominent personalities from the cryptocurrency space will attend the lunch with him. Buffett is a well-known bitcoin bull, who earlier this year claimed the flagship cryptocurrency is a “gambling device.”

Last year, during Berkshire Hathaway’s annual shareholder meeting, Buffett slammed bitcoin by stating it is “probably rat poison squared.” Charlie Munger, Berkshire’s vice chairman, took a harsher stance and compared the cryptocurrency to “turds” and “dementia.”

Who else is going to join Sun in his lunch with the “Oracle of Omaha” remains to be seen, although some have made it clear they’re available. Anthony Pompliano, co-founder and partner at Morgan Creek Digital, expressed interest, for example