Facebook Bans All Ads For Bitcoin, ICOs, And Other Cryptocurrency

Mark Zuckerberg is fixing Facebook by making it a content-worthy-platform by clamping down on “Fake news” and serving people with content from trusted publishers but also preventing people from promoting any product that may be misleading or deceptive.

Facebook is banning all advertisements for cryptocurrency, including Bitcoin and initial coin offerings, as part of an “intentionally broad” policy against deceptive marketers.

This is an effort to prevent people from advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices.”

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Facebook says it’s trying to crack down on fraud and scams.

Cryptocurrencies are a Wild West of sorts — and Facebook has had enough.

Product management director Rob Leathern explained the decision in a blog post, saying Facebook will no longer accept ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices.” He says the decision isn’t permanent, though, and that Facebook will revisit the rules when it’s gotten better at detecting and removing bad ads.

“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. This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up” across Facebook, Instagram, and its off-platform Audience Network, writes Leathern. “We will revisit this policy and how we enforce it as our signals improve.”