Facebook Bans Cryptocurrency Ads

Facebook Inc (NASDAQ:FB) announced on Tuesday that it will henceforth disallow advertisements that deceptively promote bitcoin, other cryptocurrencies, and certain types of other risky financial instruments.

The new policy appears last in a long list of prohibited content, in Facebook's updated Advertising Policies.

Maybe the news was surprising for some, but Facebook, is now banning all ads that promote any form of cryptocurrencies, including the most-known Bitcoin, and other forms of initial coin offerings (ICOs).

Facebook provided a number of examples to illustrate its new policy, such as ad copy that exhorts users to convert their retirement funds into bitcoin or promotions for "no-risk" cryptocurrency.

That means no advertiser - even those that operate legal, legitimate businesses - will be able to promote things like bitcoin and other cryptocurrencies, initial coin offerings - ICOs for short - or binary options, according to a Facebook blog post.

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"We will revisit this policy and how we enforce it as our signals improve", Leathern said.

It also comes just weeks after Facebook CEO Mark Zuckerberg publicly endorsed cryptocurrency as something that can "take power from centralised systems and put it back into people's hands".

"This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook", Leathern wrote. It's also unclear how the many Facebook Groups which are focused on cryptocurrencies will be affected by the ban, if at all.

In an interesting turn of events, it seems that Facebook has decided to make a move on cryptocurrency advertising on its platform. In the event you spot a questionable financial product advertisement, you can report it by clicking on the top right-hand corner of the ad.

  • Rita Burton