Facebook bans cryptocurrency and ICO ads

Updating its advertising policy, Facebook has announced in a " target="_blank" rel="nofollow,noopener">blog post that it now prohibits ads that use “misleading or deceptive promotional practices,” which, according to the social media platform, includes ads of cryptocurrencies and Initial Coin Offerings (ICOs).

Cryptocurrencies like Bitcoin, Litecoin and Ethereum, and initial coin offerings have all hit the mainstream, which has promptly resulted in a number of scams. While Facebook says it wants people “to continue to discover and learn” about those products and services, “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” Facebook Product Management Director Rob Leathern wrote.

Ads that violate the company’s new policy will be banned on Facebook’s core app, but also in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps.

The social network, however, says it will revisit the policy overtime and its enforcement mechanisms as its signals improve. In the meantime, Facebook is encouraging people to report content that violates this policy.