Facebook has announced a new advertising policy which will ban advertisements of “financial products and services frequently associated with misleading or deceptive promotional practices.” This includes cryptocurrency advertisements, including Initial Coin Offerings (ICOs).
This announcement basically means that there will be no Bitcoin or other cryptocurrencies advertised on Facebook or places like Instagram, where Facebook also sells ads.
Rob Leathern, product management director for Facebook Business wrote in the blog that “the policy is intentionally broad while we work to better detect deceptive and misleading advertising practices.” Leathern said they will revisit their policy as well as how it will be enforced.
Advertisements that read “New ICO! Buy tokens at a 15% discount NOW!” will not be allowed onto the social media site.
Facebook has been criticised over the last year for apparently enabling Russian propaganda.
Leathern also wrote that even though they encourage people to discover and learn about new products and services by means of Facebook ads, it should be done without fear of scams or deception.
He said: “Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.”
Early in 2018, Facebook founder and CEO, Mark Zuckerberg made headlines when he announced that he would be studying the positive and negative aspects of technologies such as blockchain and cryptocurrencies. Zuckerberg wrote he is particularly interested to learn more about “decentralizing forces that put more power in people’s hands.”
Countries like China and South Korea have banned ICOs in recent months.