Facebook Bans Initial Coin Offering Ads

The fraud allegations for Initial Coin Offerings have gotten so bad that even Facebook, the platform for Russian electioneering, has decided to ” ban ads on its site for products including coin offerings and cryptocurrencies because they are “frequently associated with misleading or deceptive” practices.”

This comes on the heels of the SEC’s shutdown of Dallas, Texas-based Arise Bank’s ICO.

“The SEC alleges that AriseBank falsely stated that it purchased an FDIC-insured bank which enabled it to offer customers FDIC-insured accounts and that it also offered customers the ability to obtain an AriseBank-branded VISA card to spend any of the 700-plus cryptocurrencies. AriseBank also allegedly omitted to disclose the criminal background of key executives.”

https://techcrunch.com/2018/01/30/facebook-is-banning-cryptocurrency-and-ico-ads/

https://www.sec.gov/news/press-release/2018-8

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in accredited investor, balance, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, discrepancies, fraud, Investments, Jobs, Legislative Intent, review, SEC, technology, VC, Venture Capital, Wall Street and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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