Facebook bans cryptocurrency ads as part of new policy

Facebook has removed all ads covering cryptocurrency and ICOs as part of a new set of limits on promotions across the social media platform.

Specifically, TechCrunch reports, users will no longer be served with ads that fall into categories that “are frequently associated with misleading or deceptive practices.” This includes binary options, initial coin offerings or cryptocurrency, which have been tied to various scams since the boom hit the mainstream.

As with any new way of doing things, especially things that involve a system as old as money, an education needs to occur before users of platforms such as Facebook can be deemed safe from opportunistic con-artists. Facebook has said that the policy will be revisited in the future.

Rob Leathern, product management director at the company, wrote in a blog post: “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and crytocurrencies that are not currently operating in good faith.

“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.”