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Wed 31 Jan 2018 09:27 AM

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Facebook bans ads for Bitcoin trading sites

Crypto News: Largest Japanese financial institution creates Ripple exchange

Facebook bans ads for Bitcoin trading sites
The social networking site, with two billion active monthly users, said the move covers ads for “financial products and services frequently associated with misleading or deceptive promotional practices” and is designed to stop “get rich” scams from being advertisied.

Facebook has barred all ads that promote cryptocurrencies from its site – even legally trading exchanges.

The social networking site, with two billion active monthly users, said the move covers ads for “financial products and services frequently associated with misleading or deceptive promotional practices” and is designed to stop “get rich” scams from being advertisied.

“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,” wrote Rob Leathern, one of Facebook's ad tech directors. “We will revisit this policy and how we enforce it as our signals improve.”

CNBC noted, however, that Facebook's board of directors includes two investors, Marc Andreessen and Peter Thiel, whose firms have been prominent crypto backers.

Bitcoin forks to create interest-bearing coin

Bitcoin Interest is the latest fork from Bitcoin. The principal idea is to create a decentralised approach to saving. Holders of BCI coins will receive a weekly or monthly allocation of interest, which is calculated by how many coins are generated and placed in the “interest pool” as well as how many users are participating in any interest period.

It’s expected the returns will, at the very least, surpass those on offer from regular banks. The main benefit, though, is encouraging people to hold – or “hodl” in crypto-speak – their coins and reduce the current trading-based volatility.

SBI Holdings creates new exchange to trade Ripple

SBI Holdings, Japan’s leading financial service company, is to create a new digital assets exchange called SBI Virtual Currencies – and that Ripple (XRP) will be the only currency supported at launch. SBI Virtual Currencies launched its beta on January 30.

“Not only does it have a clear use case, XRP is faster, cheaper and more scalable than any other digital asset,” said Yoshitaka Kitao, CEO and executive chairman of SBI Holdings. “I strongly believe it will become the global standard in digital currencies.”

Waitlist for new trading app Robinhood passes a million

Startup trading app Robinhood Financial, which is going live in February, now has more than one million traders on its waitlist, the company said. The new platform – which will only be available in five US states at launch – will offer no-fee trading in cryptocurrencies, ETFs and stocks. The company will generate revenue from interest on funds held in cash accounts, margin lending, and eventually fees for higher-value brokerage services.

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