Facebook has banned cryptocurrency adverts – prompting ranging reactions on social media.
Facebook users will no longer be bombarded by cryptocurrency, initial coin offering and Bitcoin adverts on the social media platform.
The company has instituted an all-out ban on cryptocurrency, ICO or Bitcoin adverts – citing “financial products and services frequently associated with misleading or deceptive promotional practices."
Unfortunately, legitimate financial service providers will also be painted with the same brush- which effectively rules out any advertising of cryptocurrencies or related products on Facebook.
Adverts failing to comply will be banned from Facebook, and its partner platform Instagram as well as its advertising platform Audience Network.
Facebook’s advertising tech director Rob Leathern said the ban was ‘intentionally broad’ in an effort to weed out ‘deceptive and misleading’ advertising.
Social media reacts
As per usual, a gander at social media timelines provides some interesting reading- with varying opinions on the latest development in the cryptocurrency space.
Facebook’s advertising move was met with varying degrees of skepticism on Twitter.
Twitter user Armin van Bitcoin took a subtle dig at Facebook founder Mark Zuckerberg, who recently made positive comments about Blockchain technology:
Three weeks ago: "I'm interested in learning more about decentralization and how to put the power back into people's hands."
— Armin van Bitcoin ⚡ (@ArminVanBitcoin) January 30, 2018
Another user simply used the hashtag #decentralized as he questioned why Facebook has made the move:
— Lawrence Digital (@DigitalLawrence) January 30, 2018
Another user pointed out the fact that many Facebook users had been duped by ICO scams advertised on Facebook:
Facebook banned all adds related to crypto currencies, ico , binary trading etc. Many people got scammed by fake ICO adds on fb. TON and jio being leading examples. #cryptocurrencies #cryptocurrencynews #bitcoin #btc #facebooknews #ICO #binaryoptions
— Sunny Nehra (@sunnynehrabro) January 31, 2018
Meanwhile, Brian Haggerty said Facebook’s move has nothing to do with Bitcoin- while the news has inevitably led to further fear, uncertainty and doubt.
So, more #FUD. Everyone panics, as usual. What do any of today's headlines have to do with #Bitcoin? Nothing. #BITFINEX #Tether and #Facebook banning of #Crypto adds has ZERO to do with Bitcoin. It's why Education is vital in this new arena.
— Brian Haggerty (@BHSpeaks) January 30, 2018
Omar Bham speculated that the move could net the likes of Google higher advertising revenues with Facebook refusing to accept cryptocurrency advertising.
The good, the bad, and the ugly. Wonder if Google will follow suit, or simply enjoy the higher ad-revenue… this surely impacts everyone in the industry. #cryptocurrency #facebook #google #bitcoin https://t.co/YDYMsPg5CG
— Omar Bham (Crypt0) (@crypt0snews) January 30, 2018
One user said the move presented yet another opportunity for people to buy Bitcoin as the market price reacted to the announcement.
Facebook bans cryptocurrency related ads. Samsung starts producing ASICS. Bitcoin breaks down 10k$. And mainstream media keeps delivering the good old “Bitcoin is crashing” news bs. And I’m here buying $BTC to #HODL #Bitcoin #cryptocurrency #fakenews #HODLgang
— Jay (@tropenwitz) January 30, 2018
The first Tweet is probably the most telling, as it highlights a degree of hypocrisy from Facebook founder Zuckerberg.
At the beginning of January, Zuckerberg said he was “interested in going deeper and studying the positive and negative aspects of these technologies, and how best to use them in our services."
ICO scams advertised on Facebook may have lured gullible investors and it is right to put a stop to these kinds of practices. But an all-out ban might also punish legitimate businesses that are making pivotal strides in the development of different Blockchain applications.
The state of Hawaii is planning to regulate the use of bitcoin and digital currencies that would require licensure to transmit cryptocurrency-based funds. Two bills introduced by a group of partisan Hawaiian lawmakers are focused on digital currencies as a monetary instrument under the state’s Money Transmitters Act.
New Definitions Applied to the Hawaiian Money Transmission Act
Last week Hawaiian bureaucrats reviewed a proposed bill, HI SB3082, that aims to tether regulatory policies to digital currency transmitters. The proposed law adds new definitions like “virtual currency exchanges, transfers, and storage.” The bill will apply to anyone credited with virtual currencies, moving them, relinquishing control, and any use tied to a medium of exchange if passed. The laws will recognize bitcoin as a “permissible investment and statutory trust.” Although, if the statutes does pass, anyone who plans to transmit bitcoin and other forms of digital assets must apply for licensure.
Hawaii’s Virtual Currency Transmission Requirements
Last year Coinbase left the state of Hawaii due to the state’s proposed laws which would require licensed virtual currency transmitters to hold USD reserves. The recently submitted SB3082 has changed this requirement for specific qualified trading platforms. Applicants who want to apply for virtual currency transmission will be required to reveal a lot of information like the applicant’s name and principal address, prior criminal convictions, a description of the business activities, sample of the virtual currency instruments or products, and the name and address of the clearing banks involved. Further, for each virtual currency sale, exchanges must provide its customers with some form of a receipt.
“Each licensee who receives money or monetary value for transmission and the licensee’s authorized delegates shall provide a receipt to the customer that clearly states the amount of money or equivalent value presented for transmission and the total of the fees charged by the licensee,” explains the proposed bill.
Hawaii’s SB3082: “These Currencies Are Not Backed”
One notable section describes virtual currencies as based upon computational cryptography and derive their value “solely from the market’s perception of their value.” Hawaii’s SB3082 states:
[Virtual Currencies] can experience great swings — These currencies are not backed by backed by any physical commodity, such as gold or silver; not backed by the United States or any other national government; not legal tender for debts; and are not insured by the Federal Deposit Insurance Corporation or any government.
The bill further details that consumers can lose all their cryptocurrencies through many attack vectors. “Computer failure; malicious software attack; an attack, closure, or disappearance of a virtual currency exchange company; lack of security; loss of your private key; or a sudden or dramatic change in value” are just a few examples explains the SB3082 text. The bill further notes:
Some virtual currency users have been unable to access their legitimate virtual currency account because of heavy traffic by other users or a prevalence of criminal activity in virtual currency use — To protect yourself, become educated as to the potential risks before deciding whether you want to transact in virtual currency.
Hawaiian officials will have a public hearing on SB3082 on February 2, 2018, at 9 am. The newly reformed money transmission act passed its first reading on January 26.
What do you think about the new virtual currency definitions that aim to be applied to Hawaii’s money transmission act? Let us know your thoughts in the comments below.
Images via Pixabay, Hawaii’s Senate, and state logo.
The crypto world, with all its freedom, risks and rewards, seems like something out of a western. Within this wild west-like world, see seeing a company committed to transparency and accountability to its community is a rare treat. But there are some who do it.
If you missed the news, Cointed (a major crypto ATM provider and exchange) has just released its Transparency report. In it, you can find everything about their company structure, ownership as well as get the details surrounding their different businesses.
Here, we’ll highlight the things you MUST check out from the report. If you want to learn about the company structure and ownership, check out this article.
Want to learn more about Cointed and the future of money? Check out our full profile of one of the hottest crypto players out there!
Cointed own a total of 120 crypto ATMs located in Austria, Italy, Hungary, Spain, Lichtenstein, Bangkok. They have two models: a One-Way and a Two-Way machine.
One way devices are mostly produced by ex-partner company General Bytes and the second are in-house developed.
Around 90 of them are one-way and are produced by partnering companies. The remaining are model X. Cointed is overhauling their already established network by gradually replacing their one-way machines with the proprietary two-way model X.
Also, the team is working on nine new prototype machines.
If you are among those worried about the beef with General Bytes, in the report you can find attached all of the documentation surrounding this partnership and have your own take on the situation.
Currently, the Cointed exchange has more than 25.000 registered users and since October their revenue is doubling every month.
10 doesn’t sound like a lot, but for an exchange that operates with fiat money, it is pretty impressive. Coinbase, one of the largest fiat crypto exchanges offers only 3 different types.
Three different fiat currencies are accepted: Euros, US dollars, and Swiss Francs. Soon, Turkish lira will be accepted too. Clients also get to choose from 4 different paying methods: card, wire transfer, PayPal or MoneyGram.
Note that all clients undergo Know Your Customer processes and must verify their identity to use the exchange.
Attached you can find the provisional profit or loss account and preliminary balance sheet, both created by Deloitte Austria.
You’ve heard the news on how mining is VERY energy consuming.
For Cointed, it wasn’t news, though. They’ve been working on green mining from the go.
They offer two types of mining contracts. The first option is: you buy the hardware, and Cointed brings it to you. Second option: buy the equipment but leave it at Cointed’s vast green mining facility in Sweden.
Why leave it at Cointed’s? For a small hosting fee, you get full maintenance and support, while also enjoying the cheap renewable energy the plant uses. It’s like leaving your car at the mechanic and still being able to drive it to work.
Graphic Card Suppliers Nvidia is known for their closed development process when it comes to their GPUs design.
However, for business clients, they provide the option for customization. The report includes documentation of the deal, like invoices, order initiation and the non-disclosure agreement (NDA) between the two companies.
Currently, we cannot share details about these cards’ specs. The specific aspects and capabilities of this card are a product of extensive research and development, this is why Cointed and Nvidia decided not share them.
The design of the GPUs will be optimized for mining. Also, specifications and all hardware aspects are designed to work together with Cointed’s proprietary software, customized cases, and rigs.
Sapphire is the second of Cointed’s GPU suppliers. They are providing 10,000 Radeon RX 470 Mining Quad UEFI 4GB. More than 3,000 of these are already operating at Cointed’s facility.
The documents surrounding these deals, like invoices, specifications of the Unity Miner, and the hosting agreement are all in the report.
PayCo is a payment interface that can be integrated into POS and other payment processing systems. The biggest perk of this product is that it allows the immediate exchange of the payment from crypto to fiat.
This lets the client pay with bitcoin and merchants receive USD or any other of the currencies that the Cointed online exchange supports. Of course, merchants may choose to receive the payment in crypto too.
Currently, the interface is still in beta phase. Cointed is aiming to release it to the public by Q2/2018.
Cointed’s project truly stands out in the field of ICOs.
Their commitment to accountability to their community is commendable and rare in the crypto field. So, do not miss out on your chance to become part of the future of money. The token will be listed on an exchange and we will soon update you with the details.
Only a month left from the ICO! Do not miss out on Cointed and also on the hottest Bitcoin News!
Images courtesy of Cointed
The content of this article was provided by the company referenced. Bitcoinist does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.
Cryptojackers have been hijacking YouTube ads to harness viewers computer processing power in order to mine digital currencies, in this case, Monero. The issue was reported by technology publication and science Ars Technica after people took to social media to report that antivirus programs had detected cryptocurrency malware on YouTube.
Attackers abused Google’s DoubleClick, which develops and provides internet ad serving services for traffic distribution. According to data from the Trend Micro Smart Protection Network, affected countries include Japan, France, Taiwan, Italy, and Spain. Google has now blocked the ads from being displayed on YouTube.
Unfortunately, most victims are unaware of what is going on – the process is carried out secretly without users having the opportunity to opt out. Even though a download isn’t required, hackers devised an approach where cryptojacking can continue even after users close the tab itself. And unfortunately, since it is a relatively new concept, hackers can innovate, changing their methods in an attempt to continue their devious plan.
90% of the time, the malicious adverts would launch a miner called Coinhive, and in the other 10% of cases a private web miner would be used. Each would covertly use up 80% of victims’ computer processing power for mining, resulting in the machine running much, much slower than normal. These recent ads have helped drive up the volume of cryptojacking incidents involving Coinhive by almost 285%.
“Mining cryptocurrency through ads is a relatively new form of abuse that violates our policies and one that we’ve been monitoring actively,” a Google spokesperson told The Independent. “We enforce our policies through a multi-layered detection system across our platforms which we update as new threats emerge. In this case, the ads were blocked in less than two hours and the malicious actors were quickly removed from our platforms.”
Despite these claims from Google that the process is “relatively new,” cryptojacking has become increasingly popular over the years — and YouTube’s ad problem was not an isolated incident. Research has shown that in the top 3 million websites, 2,500 are running a form of cryptojacking software, consuming users’ processing power without their knowledge or consent.
The South Korea Customs Service reported more than $600 mln of illegal trading in cryptocurrencies, promises to investigate in the future.
The Korea Customs Service (KCS) published a press release on Jan. 31 on the status of illegal foreign currency exchanges using digital currency, which reportedly totals 637.5 bln won (about $600 mln).
The report gave examples of the largest cases when digital currency was illegally exchanged, citing 416.9 bln won ($391,886,000) illegally exchanged and 21.5 bln ($20,113,250) remitted due to insufficient funds between Australia and South Korea.
Another example involves Japan, where reportedly 53.7 bln won ($50,478,000) was illegally remitted from Japan to South Korea.
The KCS report ended:
“In the future, the KCS will investigate illegal foreign exchange transactions and money laundering charges against foreign exchange operators or virtual currency buying agents […] it will continue systematic and continuous crackdowns such as [on] […] the act of portraying tariffs or using virtual currencies as trading funds for smuggled tobacco, drugs and other illegal goods.”
South Korean crypto markets have seen turmoil this past month after stricter regulations on crypto trading were introduced, including prohibiting the opening and use of anonymous trading accounts, a law which took effect Jan. 30, and a false report of a country-wide crypto ban. CT reported earlier today that the South Korean finance minister has reaffirmed that there will be no ban on crypto in the country.