Facebook banned cryptocurrency advertising until further notice

Facebook bans all advertising related to cryptocurrencies. It has announced its new advertising policy, which prohibits ads that promote digital currencies such as Bitcoin, Ethereum or Litecoin, as well as binary options and initial coin offers (ICO).

The Terms of Use now specifically prohibit advertising for an ICO ( initial coin offering ) or currency numerically because they are frequently associated with deceptive practices, said Rob Leathern, director of product management for Facebook .

However, Leathern says that Facebook wants people to continue discovering and learning about new products and services through Facebook ads without fear of scams or deceptions. But, he points out that many binary options companies, ICOs and cryptocurrencies are not acting in good faith.

“This policy is intentionally broad as we work to better detect deceptive advertising practices, and your application will begin to grow through our platforms, including Facebook, Audience Network and Instagram.”

The new rules are not permanent, he said, and will be revised as the social network improves its detection of deceptive ads. He also indicated that they may not be able to capture all the ads that should be removed from the social network according to this new policy. Therefore, he asked people to inform the company if they find content that infringes it by clicking report on the upper right corner of the ad.

This is not the first big change that Facebook has implemented in its platform this year, but it is the first one related to cryptocurrencies. Recently announced that the media will be qualified by their “level of confidence” from surveys conducted to users. In addition, it has modified the algorithm of the News Feed to increase the posts of friends and family instead of those of commercial or publishing brands.