Facebook will ban all ads promoting cryptocurrency

Marcus Newton
January 31, 2018

This Facebook blog post says it all - and as we understand, this means no advertiser, even those who are legitimately running businesses that involve bitcoin and ICOs can not promote their cryptocurrency offerings.

Facebook said that its new advertising rules are "intentionally broad" as the tech firm works on improving how it detects scams on the world's largest social media site. In short, Facebook has banned cryptocurrency ads but also ads for several other financial products which, unfortunately, have become more prone to scams or questionable practices.

Maybe the news was surprising for some, but Facebook, is now banning all ads that promote any form of cryptocurrencies, including the most-known Bitcoin, and other forms of initial coin offerings (ICOs). In a Facebook post published earlier this month, Zuckerberg positively cited cryptocurrency as an example of technology that can decentralize power. This ban on cryptocurrencies includes a ban on bitcoin, because they are 'frequently associates with misleading or deceptive promotional practices'.

The new policy will be implemented across its platforms, including Facebook, Audience Network, and Instagram, the company said.

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Leathern said the company wanted to make it "harder for scammers to profit from a presence on Facebook".

That also means that "crypto-genius" James Altucher, whose ads have appeared all over the internet and have become a meme of sorts for the entire crypto industry, won't be able to advertise on Facebook.

The social giant is encouraging users to help out by reporting content that violates its Advertising Policies. Of note, the social media firm said previous year that it would crack down on ads which discriminate against some users, but months after that promise was made in response to a ProPublica investigation, the media outlet was still able to buy discriminatory ads through the company's platform.

Other reports by MaliBehiribAe

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