Facebook banned ads for cryptocurrency and related activities in a new advertising policy issued on Jan. 30, which claims the move improves integrity and security of financial product and services advertising on its main social network, Audience Network and Instagram.
“Ads must not promote financial products and services that are 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 of our 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 detection of advertising practices deemed deceptive or misleading, while encouraging the community to report any violations of their Advertising Policies.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” Leathern wrote.