Facebook users will no longer be bombarded by cryptocurrency, initial coin offering and Bitcoin adverts on the social media platform
Facebook has banned ads that promote initial coin offerings (ICOs), cryptocurrencies like Bitcoin and binary options trading from its platforms, including Instagram, Audience Network and Messenger.
The policy prohibits ads that promote financial products and services that are associated with misleading or deceptive promotional practices, Facebook said in a statement.
“We want our audience to continue to discover and learn about latest products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising ICOs, Cryptocurrencies that are not currently operating in good way,”said Rob Leathern, Product Management Director at Facebook.
The enforcement will begin to ramp up across Facebook platforms.
“We will revisit this policy and how we enforce it as our signals improve,” Leathern added.
Facebook is asking its over two-billion strong community to report content that violates its advertising policies.
“People can report any ad on Facebook by clicking on the upper right-hand corner of the ad,” Facebook said.
“Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook,” the company added.
At the beginning of January, Zuckerberg said he was “interested in going deeper and studying the positive and negative aspects of these technologies, and how best to use them in our services.