Facebook's new ads policy bans promotion of Bitcoin, ICOs
The world's biggest social media network announced in a blog post that it will ban advertisements promoting initial coin offerings (ICOs) and cryptocurrency like Bitcoin on Facebook and photo-sharing app Instagram.
Amid ongoing crackdown on cryptocurrencies by regulators across the world, Facebook has jumped the bandwagon by unveiling its new ads policy. The world's biggest social media network announced in a blog post that it will ban advertisements promoting initial coin offerings (ICOs) and cryptocurrency like Bitcoin on Facebook and photo-sharing app Instagram.
The new rule "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."
"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," Facebook's Product Management Director Rob Leathern wrote in the post.
The post titled 'Improving Integrity and Security of Financial Product and Services Ads' was published on the Facebook Business blog.
Under the new policy ads such as 'Use your retirement funds to buy Bitcoin' and 'New ICO! Buy tokens at a 15% discount Now!' will be banned from the social media platform.
"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," Leathern added.
Facebook also urged its users to report content that violates the new ads policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad.
This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook, social media giant said.