Facebook is Banning Cryptocurrency and ICOs Promoting Ads

Following persistent complaints about fraudulent cryptocurrency ads, Facebook has issued an outright ban. The company said it was open to emerging technologies but many companies were not acting in “good faith” when extolling the virtues buying into virtual currencies. As of a new ruling issued on January 30, “ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency”.

The ban on these ads would keep people from receiving potentially disingenuous messages that they can get rich quickly and force people to do a little more research before they invest. The move is sure to be welcomed by Facebook users and bitcoin enthusiasts alike, who recognize that these adverts do little to promote the benefits of cryptocurrency.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” wrote Rob Leathern, product management director for Facebook Business.

He added: “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network, and Instagram”.

Facebook said its new policy was “intentionally broad” and would evolve over time.

It states: “Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.”

Under the new policy, advertising using phrases such as “New ICO! Buy tokens at a 15% discount NOW!” or “Use your retirement funds to buy Bitcoin!” would not be permitted, Facebook said.

Facebook added: This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network, and Instagram.