Facebook Bans All Cryptocurrency And ICO Ads
Just Days after the UK’s finance watchdog warned of scams online involving the digital currencies, Facebook is going to ban adverts for bitcoin and other cryptocurrencies.
The social media giant will also ban the promotion of financial products “frequently associated with misleading or deceptive promotional practices”. Remind that it has over 2 billion users around the world.
Facebook’s product management director Rob Leathern said many companies, which advertise such products have no good reputation.
The ban will also apply to Instagram.
Leathern encouraged users to report any ads that break the new rules and said:
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.”
This action comes after the Financial Conduct Authority warned users about scams, which involve these products and that fraudsters are targeting more and more people online.