Facebook bans cryptocurrency ads; calls them deceptive, misleading

The social media platform Facebook has scrapped all the cryptocurrency and ICO ads, stating misleading or deceptive ads have no place on Facebook.

The social networking site Facebook decided to scrap all the ads promoting cryptocurrencies and ICOs, after the implementation of their new policy on advertisements. According to the company, the new policy prohibits 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.

Rob Leathern, Product Management Director, in a statement said, “Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook.” The company does not want its users to fall for scams or any other deception through its ads, the statement said, adding that the companies that are advertising binary options, ICOs and cryptocurrencies are not currently operating in good faith.

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

However, Facebook also said that they might not be able to identify every ad that should be removed under this new policy, and it will encourage its community to report content that violates their advertising policies. “People can report any ad on Facebook by clicking on the upper right-hand corner of the ad. This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook", said Leathern.