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Facebook bans cryptocurrency-related ads

By: - Content Strategist / @ABayleINQ
/ 04:09 PM January 31, 2018

Image: INQUIRER.net stock photo

Facebook has created new rules on ads appearing on people’s feeds. The new rules ban ads related to cryptocurrency, initial coin offerings (ICOs) and other financial products prone to scams.

Product Management Director Rob Leathern said in a statement:

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“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.”

The statement expressed Facebook’s desire to protect users from scams. These new rules would also help to uphold the reputation of legitimate businesses advertising on Facebook.

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The company also encourages users to report deceptive ads that may have slipped through its detection algorithms. Users may do so by clicking on the upper right-hand corner of the ad in question.

According to The Verge, some finance-related ads may still be placed with some restrictions. Such ads need “written permission” for gambling and gaming services. Target users for the ads must also be over 18 years of age.  /ra

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TAGS: ads, ban, bitcoin, cryptocurrency, ICO, initial coin offering, Scams
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