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Facebook Prohibits Cryptocurrency, ICO Advertisements due to ‘Deceiving Promotion Practices’

Popular social network Facebook has updated its advertising policy, announcing in a blog post Jan. 30 that it bans advertisements that use “misleading or deceiving promotional practices,” which, in accordance with the social media platform, includes advertisements of cryptocurrencies and Initial Coin Offerings (ICOs).

The announcement states that there are “many companies” that use Facebook’s platform to advertise financial products, such as binary functions, cryptocurrencies and ICOs, but do so “[not operating] in good faith”.

Due to that, the blog post continues, Facebook is going to make it “harder for scammers to earn gain” from a presence on the social platform by forbidding all such advertisements. The announcement also urges the users to help police by reporting content that violates the new regulation.

“2 of our main advertising principles outline our conviction that advertisements should be secure, and that we build for people first,” said Facebook.