Facebook Inc.is banning ads on its social network that promote cryptocurrencies, initial coin offerings, and binary options, saying they're "frequently associated with misleading or deceptive promotional practices".
Facebook is prohibiting all cryptocurrency ads, including those on Instagram, the company announced on Tuesday.
It's a far-reaching policy, and Facebook describes it as "intentionally broad".
The move is particularly interesting given Facebook CEO Mark Zuckerberg's interest in cryptocurrency. "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. The latest such content type to face the ban hammer is basically anything related to cryptocurrencies.
Leathern acknowledged that the policy may hit some legitimate ads as well. Officials warned investors earlier this month that protections around cryptoassets are limited.
Facebook is taking a stand against questionable financial products.
"There are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith", Leathern said.
Leathern said the company wanted to make it "harder for scammers to profit from a presence on Facebook".
It's unclear whether the policy against cryptocurrency ads has gone into effect yet or not, but many ads which clearly violate it are still circulating.
Our say: I'm really seriously exhausted of advertisements that proliferated the Facebook Ad Network and Google Ad Network with regards to cryptocurrencies. In the event you spot a questionable financial product advertisement, you can report it by clicking on the top right-hand corner of the ad.
The social media giant posted the new policy to a company blog today.