In an interesting turn of events, it seems that Facebook has decided to make a move on cryptocurrency advertising on its platform. The social media giant has announced that it’s banning all advertisements that promote cryptocurrencies (via Recode).
The company believes that these kinds of ads are harmful and prey on less-than-savvy users with get-rich-quick promises and trendy words that catch the eye really quickly. This ban on cryptocurrencies includes a ban on bitcoin, because they are ‘frequently associates with misleading or deceptive promotional practices.’
Facebook’s newly issued ad policy will also prohibit advertisers on promotions for binary options and initial coin offerings (ICOs). “New ICO! Buy tokens at a 15 percent discount NOW!” reads one example of Facebook’s blog post.
Facebook has stated that this policy is ‘intentionally broad while we work to better detect deceptive and misleading advertising practices.’ The company is expected to start enforcing this new policy ‘soon’ on the core platform, Instagram, and other ad-placing Audience Network. Overtime, the company will continue to improve aspects of the policy.