Facebook banned ads for cryptocurrency and related activities in a new advertising policy issued on Jan. 30, which claims the move improves the integrity and security of financial products and services advertising on its main social network, Audience Network, and Instagram.
“Ads must not promote financial products and services frequently associated with misleading or deceptive promotional practices, such as binary options, Initial Coin Offerings, or cryptocurrency,” said Facebook in its new policy.
“Misleading or deceptive ads have no place on Facebook,” wrote Product Management Director Rob Leathern on the social media giant’s business blog. “Two core advertising principles outline our belief that ads should be safe and that we build for people first.”
Leathern who described the new policy as “intentionally broad,” added that Facebook is working on fine-tuning the detection of deceptive or misleading advertising practices while encouraging the community to report any violations of their Advertising Policies.
“We want people to continue discovering and learning about new products and services through Facebook ads without fear of scams or deception. That said, many companies are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” Leathern wrote.