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Facebook bans all adverts for cryptocurrencies and ICOs

(Image credit: Image Credit: Alexey Boldin / Shutterstock)

In an effort to prevent its users from being scammed, Facebook has decided to ban all ads promoting cryptocurrencies and initial coin offerings (ICOs). 

The social network's broad new policy will now no longer allow advertisers to promote cryptocurrency exchanges or ICOs.  While there are many legitimate exchanges and businesses that offer services related to cryptocurrencies, even they will no longer be able to advertise on Facebook. 

The company explained its reasoning behind the decision in a blog post, saying:

“We’ve created a new policy that 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. 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.” 

Ads that are found to be in violation of Facebook's new policy will be blocked on the social network's site and in its app.  However, they will also be banned anywhere the company sells ads including on Instagram and on third-party apps that utilise its Audience Network advertising platform. 

Bitcoin, Ethereum and other popular cryptocurrencies captured the public eye last year and while many who invested saw significant gains, countless others fell victim to scams trying to capitalise on new investors in the space.  

Facebook wants its platform to be one where users can view ads safely and not be tricked by these or any other misleading ads. 

Image Credit: Alexey Boldin / Shutterstock

After living and working in South Korea for seven years, Anthony now resides in Houston, Texas where he writes about a variety of technology topics for ITProPortal.