Facebook Bans Ads for Bitcoin and Other Cryptocurrencies

Facebook has updated its advertising policy, announcing in a blog post Tuesday, Jan. 30 that it prohibits ads that use “misleading or deceptive promotional practices,” in an effort to protect its users, which, according to the social media platform, includes ads of cryptocurrencies and Initial Coin Offerings (ICOs).

According to the announcement, many companies use Facebook’s platform to advertise such financial products as binary options, cryptocurrencies and ICOs.

Because of that, the blog post continues, Facebook is going to make it “harder for scammers to profit” from a presence on the social platform by banning all such ads. The announcement also encourages the users to help police the community by reporting content that violates the new rule.

“Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first,” said Facebook.