Facebook banning all ads that promote cryptocurrencies

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Fake news isn’t the only thing Facebook is cracking down.

The social media giant has announced that it’s currently banning all ads that promote cryptocurrencies on the platform, as well as on sister app Instagram.

Facebook says the new policy is part of an ongoing effort to improve the state of ads on its platform, as well as make it more difficult for scammers to profit from misleading practices.

Some examples of fraudulent ads Facebook pointed to include “new ICO! Buy tokens at a 15% discount NOW!” and “use your retirement funds to buy bitcoin!”

“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, Facebook product management director, in a blog post. “That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”

However, the company did acknowledge that not all ads operate this way. “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,’ Leathern wrote, saying Facebook will “revisit the policy and how we enforce it once the signals improve.”

Source: Facebook