Social networking site Facebook has banned cryptocurrency-related adverts in a bid to weed out scams
Social networking site Facebook has banned cryptocurrency-related adverts in a bid to weed out scams.
The company introduced the rule to its policy for advertises on Tuesday, because they are “frequently associated with misleading or deceptive promotional practices”.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Facebook product management director Rob Leathern said in a statement on Facebook, adding: “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
The policy is to be implemented across the firm’s platforms, including Facebook, Audience Network and Instagram.
Leathern said the policy was “intentionally broad” while the firm works on methods to detect deceptive and misleading advertising practices. He said it would be reviewed.
He further reminded readers that they can report any advert on Facebook that violates the advertising policies by clicking on the upper right hand corner of the advert.