Facebook has revealed a new policy that bans advertisements related to bitcoin and initial coin offerings (ICOs), among others.

Rob Leathern, the company’s product management director, wrote in a Jan. 30 blog post that the new policy targets “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.

Leathern went said:

“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 cryptocurrencies that are not currently operating in good faith.”

 

Most users have likely encountered ads for ICOs, including those promising sky-high investment returns as well as bonuses for early participation. Leathern said that these ads are being targeted as part of an evolving policy against potentially fraudulent activities on Facebook site.

 

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According to coindesk, “Leathern added that the policy extends to other platforms under Facebook’s purview, including the popular photo-sharing app Instagram. 

Leathern suggested that this policy could be modified in the future.

“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,” he wrote. “We will revisit this policy and how we enforce it as our signals improve.”

 

Reference

https://www.coindesk.com/facebook-banning-advertisements-bitcoin-icos