Bitcoin ads banned from Facebook as it cracks down on cryptocurrencies

Bitcoin ads banned from Facebook as it cracks down on cryptocurrencies

The policy, made public today by Facebook Product Management Director Rob Leathern, "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". "This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices", he said. adding that Facebook and its Audience Network and Instagram subsidiaries are also part of the new rule.

Bitcoin's value skyrocketed from just under $1000 to almost $14,000 per coin in 2017, prompting a wave of new investors and alternative cryptocurrencies coupled with a wave of opportunists looking to take advantage of crypto neophytes. Till then, Facebook warned it may not catch every ad that should be removed under this new policy.

The announcement comes weeks after Facebook chief executive Mark Zuckerberg acknowledged the potential of cryptocurrencies to wrest power away from "centralized systems".

Facebook may be taking a cue from officials with the Securities and Exchange Commission, who have been warning investors and consumers about crypto-related scams. The company has issued a strong statement with this new ad policy which bans cryptocurrencies.

Facebook allows ads for sensitive financial topics, with some restrictions.

Facebook is cracking down on cryptocurrencies by using one of its most powerful tools: Access to its massive advertising megaphone.

It's unclear whether the policy against cryptocurrency ads has gone into effect yet or not, but many ads which clearly violate it are still circulating.

At the risk of portraying all cryptocurrency as unsafe and deceptive in nature, Facebook has made a decision to ban any and all ads pushing the digital assets.

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