Facebook is firing back against misleading and deceptive ad practices, and ICOs, cryptocurrencies and binary options are at the top of their list. In a blog post by Facebooks’ Rob Leathern, the social media giant is trumpeting a new policy, banning ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices.”
Without a clear regulatory framework for ICOs, Facebook is just trying to protect its users — of which there were 2.7 billion as of Q2 2017 — and prevent bad actors from promoting their scams on the site. The policy is a broad-brush approach for the time being but seems to target sketchy ads making unrealistic claims and flying in the face of expert advice from blockchain veterans not to invest more than you can afford to lose in any digital coin.
The price surge of the Ignis token therefore is connected with the announcement of it being listed on the Bitterex exchange. On its twitter handle, Ignis announced being listed of Bitterex of its token as it expects trading to begin soon.
This is a major listing of which several more will be expected in future dates. However, the crypto marketplace has once again remained consistent with its behaviour as listing on a major exchange initiates significant increase in price. For speculators, this is usually a good opportunity to make good profit as the market continues to develop.
In an announcement today, the Tokyo-based chat app confirmed that it has filed an application with the Financial Services Agency (FSA) – Japan’s financial regulator – to register and launch a cryptocurrency exchange. The application is currently under review.
It’s a significant move, one which sees Japan’s biggest messaging service announcing its foray into cryptocurrency trading, to be enabled within its chat application that is ubiquitous among some 70 million Japanese users. The messaging app is also massively popular in other regional nations including Indonesia, Thailand and Taiwan.
In an interview with Channel News Asia, Sopnendu Mohanty – chief of financial technology at the Monetary Authority of Singapore, the country’s central bank, opined bitcoin will not cause a global financial crisis in the event of a price collapse. The central bank official insisted global regulators are “getting serious about this whole cryptocurrency market”, suggesting authorities would step in with regulations when bitcoin markets continue to grow globally.
In October, the head of Singapore’s central bank insisted that bitcoin itself didn’t need any oversight as a cryptocurrency. Instead, MAS chief Ravi Menon insisted a regulator’s focus ought to be on the abuse of cryptocurrencies for illicit financing and other illegal activities. “So, those [regulatory] requirements apply to the activity around cryptocurrency, rather than the cryptocurrency itself,” Menon said at the time.
Cryptocurrency prices went south on Monday after Japan’s Financial Services Agency (FSA) announced that it may conduct on-site inspections of domestic cryptocurrency exchanges in response to Coincheck’s $530 million hack. The Bitcoin price led the retreat with a five percent decline, and most other top-tier coins followed suit.
As a rule, Japan has been very welcoming to the nascent cryptocurrency industry, and favorable regulatory policies have enabled the country to become one of the ecosystem’s central hubs.