The social media giant, Facebook, will no longer allow ad platform to be used to promote cryptocurrencies, including bitcoin, in an effort to prevent people from advertising financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.
Facebook has updated its advertising policy, announcing in a blog post on Tuesday, Jan 30, that it prohibits ads that use “misleading or deceptive promotional practices,” which, according to the social media platform, includes ads of cryptocurrencies and Initial Coin Offerings.
Ads that violate the company’s new policy will be banned on Facebook’s core app, but also in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps. Facebook urged users to report any ads the company’s security measures missed. It admitted it would not always catch every ad for a crypto-currency.
Product Management Director Rob Leathern explained that though this is not intended to reflect Facebook’s stance on the cryptocurrencies, but rather to remove the possibility of scams and bad-faith actors using the platform to manipulate users.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” wrote Rob Leathern. “That said, there are many companies who are advertising binary options, ICOs and crypto-currencies that are not currently operating in good faith.”
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