A prominent British financial and consumer advice journalist launched a lawsuit against Facebook this week for running binary options ads featuring his image that have left trusting consumers fleeced of their money. Three months after Facebook announced it was banning ads for binary options, cryptocurrencies, and ICOs initial coin offerings , celebrity British journalist Martin Lewis is suing the company for libel over paid Facebook ads using his image that were promoting binary options. Facebook users who clicked on the ads and left their contact details reported being contacted by binary options websites, some of which, The Times of Israel has established, were run from Israel.

Lewis is seeking exemplary damages, also known as punitive damages, which are designed to deter Facebook from continuing to engage in the behavior for which it is being sued. He said he would give the money to groups that battle fraud. Binary options is an Israel-centered scam that duped victims worldwide out of billions of dollars for a decade. The entire industry was banned by Knesset law last October, but Israeli law enforcement has failed to investigate and prosecute the fraudsters, many of whom have taken their scams abroad or switched to new iterations involving cryptocurrency-related cons and other fraudulent operations.

Lewis, a popular television personality and newspaper columnist, in founded a website called Money Saving Expert, which has 15 million visitors a month, according to information on the website. The site offers UK consumers advice on saving money. His legal complaint, filed in the UK High Court of Justice on April 23, states that over the past year, Lewis has been informed of the existence of Facebook ads that claim or imply he endorses various get-rich-quick schemes.

Many of these ads can be viewed on Facebook only by the targeted audience, which Lewis believes include people interested in saving money, people interested in investments and fans of his journalistic work.

Thus a Facebook ad with a link to a site called Directdailymail. Lewis said he knew of several cases of Britons who had lost thousands of pounds to such sites after clicking on an ad using his name and image. The Times of Israel examined the URL of the directdailymail. com site and found that it shares an IP address with sites including b-b-c-reports. com, news-businessinsider. com, cnn-money-report. com and newsreport-forbes. These fake news sites also share an IP address with sites copybuffett.

me, the-quantumcode. info, the-bitcoin-code. ltd, and britmethod. Users who have visited these and similar websites have posted in online forums that they were ultimately phoned by binary options companies, including ones The Times of Israel knows to have been associated with Israelis, such as Optionstars and BinaryTilt.

Binary options is an industrial-scale investment scam that was carried out in Israel for over a decade with little to no attention from law enforcement. The Knesset outlawed binary options in October, in the wake of investigative reporting by The Times of Israel since March The ban took effect on January 26 of this year. Some binary options operatives continue to quietly operate from Israel.

However, most have either moved their operations abroad, to such countries as Romania, Bulgaria and Cyprus, or changed the financial product they offer to CFDs or cryptocurrency. On January 30, , after a year-long dialogue with Canadian and US law enforcement, Facebook banned ads for binary options and cryptocurrency. Lewis, who is Jewish, told the BBC on Monday that in his view Facebook is not making enough of an effort to combat these ads. Stop running them. And it does nothing.

I have to report them. And then, the next day, the scammers launch another one and the onus is on me again. Enough is enough. We are in direct contact with his team, offering to help and promptly investigating their requests, and only last week confirmed that several adverts and accounts that violated our Advertising Policies had been taken down. Facebook has come under fire in the past several months over allegations it enabled Russian trolls to target Americans with pre-elections messages, as well as over the Cambridge Analytica data breach scandal.

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You should upgrade or use an alternative browser. Thread starter chinedu Start date Dec 26, Tags binary options facebook ad internet marketing traffic. chinedu Affiliate affiliate. Hello there, I am hoping someone can help answer this question please? I've been trading Binary Options for 2 years now and I have developed a trading strategy which requires the use of my software. I have read conflicting arguments regarding the use of Facebook Ads. What I would like to know is 1 - Can I advertise such a programme via Facebook?

Thank you in advance for taking the time to read this message. coolspot19 Affiliate affiliate. From what I understand facebook has recently blacklisted binary options ad's as well as ICO's and crypto trading from what I remember they were all added to the no-go list at the same time. Trying to find a work around may work for a short period of time but ultimately wouldn't be worth it as they would ban the account.

PropellerAds Traffic Manager Traffic Manager. chinedu said:. Click to expand coolspot19 said:. PropellerAds said:. Hello Right, Facebook recently started banning all ads about cryptocurrency and ICOs. So, unfortunately, there's no way for you to promote your tutorial with Facebook now.

I suggest you try our advertising network. We at PropellerAds work with initial coin offering, bitcoin, ethereum, binary options, faucets and other similar products. And your tutorial is not an exception! Use a variety of ad formats, try retargeting and different bidding models - you'll see the result.

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What I would like to know is 1 - Can I advertise such a programme via Facebook? Monetize Your Content or App. From what I understand facebook has recently blacklisted binary options ad's as well as ICO's and crypto trading from what I remember they were all added to the no-go list at the same time. Three months after Facebook announced it was banning ads for binary options, cryptocurrencies, and ICOs initial coin offerings , celebrity British journalist Martin Lewis is suing the company for libel over paid Facebook ads using his image that were promoting binary options. A Facebook ad for an Israel-based binary options firm posted April 19, Screenshot.

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