Facebook Bans Ads For Bitcoin, Cryptocurrencies, & ICOs

Facebook CEO Mark Zuckerberg.   Justin Sullivan  Getty Images

Facebook CEO Mark Zuckerberg. Justin Sullivan Getty Images

Fake news isn't the only thing Facebook is cracking down.

This is part of the effort by the social giant to prevent people from advertising what the company is calling "financial products and services frequently associated with misleading or deceptive promotional practices". The new advertising policy applies to the company's platforms including Facebook, Instagram, and Audience Network. It is also being reported that there are numbers of companies advertising ICO, Cryptocurrencies and other binary options.

In time, Facebook plans to reevaluate its stance on cryptocurrency advertising once it' better understands how to tackle the volatile industry.

Facebook says that the policy will adapt and become more focused as analytics improve.

Bitcoin, Ethereum and other popular cryptocurrencies captured the public eye previous year and while many who invested saw significant gains, countless others fell victim to scams trying to capitalise on new investors in the space.

In a statement the company said the move was created to uphold two core advertising principles that state that ads on the network should be safe and should not be misleading or deceptive.

Facebook has announced a ban on "misleading or deceptive" adverts, including those involving cryptocurrencies such as bitcoin.

However, there are also plenty of ICOs, whereby people are encouraged to buy new cryptocurrencies before they launch in order to capitalise upon and future growth, that lack any regulatory safeguards.

According to Rob Leathern, the company's product management director, the decision was made to improve the "integrity and security" of the advertisements spread via the social network. For example if you see an advertisement on Facebook like "Use your retirement funds to purchase Bitcoin" you should immediately report the advertisement.

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