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Facebook is banning all ads promoting cryptocurrencies - including bitcoin and ICOs

Facebook is banning all ads promoting cryptocurrencies - including bitcoin and ICOs

"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", states Facebook's new ad policy.

Facebook Inc (NASDAQ:FB) announced on Tuesday that it will henceforth disallow advertisements that deceptively promote bitcoin, other cryptocurrencies, and certain types of other unsafe financial instruments. Till then, Facebook warned it may not catch every ad that should be removed under this new policy. "That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith", wrote Robert Leathern, a Facebook product management director, in a company blog post.

It also comes just weeks after Facebook CEO Mark Zuckerberg publicly endorsed cryptocurrency as something that can "take power from centralised systems and put it back into people's hands".

"There are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith", Leathern said. It also said that it is working to improve its detection of "deceptive and misleading advertising practices".

Making no apologies for painting what may be legitimate currencies and related businesses as unsafe, Leathern said that Facebook's new policy is "intentionally broad".

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Leathern said the company wanted to make it "harder for scammers to profit from a presence on Facebook".

Also of note is the fact that the ban isn't limited to the core Facebook product.

In an interesting turn of events, it seems that Facebook has decided to make a move on cryptocurrency advertising on its platform.

The social giant is encouraging users to help out by reporting content that violates its Advertising Policies.


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