In an effort to prevent people from advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices.” Facebook is banning all ads that promote cryptocurrencies including ICOs. No advertiser even those that operate legally will be able to place an ad on the giant social network.
The ban comes into effect after Facebook CEO Mark Zuckerberg wrote in his 2018 mission statement that Facebook will be looking into cryptocurrency for ways to help make the platform better.
The policy was designed to be “intentionally broad” while the company “works to detect deceptive and misleading advertising practices.” The policy will be enforced on Facebook, Instagram and Audience Network, an ad network that extends Facebook campaigns to third-party apps. Facebook said they will revisit its decision and how they enforce it once their “signals improve.” Leathern said
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Leathern said. “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 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,” Leathern said.
Any advertiser that violate the company’s new policy will be banned on Facebook’s core app and other Facebook ad network like Instagram.