In one of its recent blogs, Facebook has announced that it has banned all ads promoting cryptocurrency, including bitcoins and ICOs.
“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, product management director for Facebook Business.
It further states that it “prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.’
While Facebook users will no longer be bombarded by cryptocurrency, initial coin offering and Bitcoin adverts, unfortunately, this decision will also impact legitimate financial service providers.
According to Facebook, the policy is part of an ongoing effort to improve the integrity and security of its ads, and to make it harder for scammers to profit from a presence on Facebook.