Facebook Bans All Cryptocurrency and ICOs adverts
Facebook has revealed in a post online, that the platform will no longer be showing advertisements about cryptocurrencies, Initial Coin Offerings (ICO) or any other related financial products.
This 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 the statement.
In the statement Rob Leathern, Product Management Director at Facebook said, “Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook.”
He added that the platform has now created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.
Leathern explained that the company does not want people to fall victim to scams and deception through Facebook ads. He did, however, add that: “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
The broad spectrum of the policy is intentional according to the company.
“We also understand that we may not catch every ad that should be removed under this new policy, and encourage our community to report content that violates our Advertising Policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad. 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,” concluded Leathern.