Facebook has said it is banning all ads related to cryptocurrencies in an effort to fight scams.
“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, Rob Leathern, Product Management Director said in a statement, announcing the news.
Leathern hinted that Facebook may modify the new policy at some point to allow bona fide crypto-related businesses to advertise again.
"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception," Leathern wrote.
"That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” he added.
The official said they work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across their platforms including Facebook, Audience Network and Instagram.
Rob Leathern noted that the company will revisit this policy and how they enforce it as “signals improve.”