Social media giant Facebook has recently announced it’s banning all cryptocurrency-related ads. The move, according to the social network’s announcement, is part of its core belief that “ads should be safe.” As such, Facebook’s product management director Rob Leathern writes, deceptive ads don’t belong on the platform.
Facebook’s announcement reveals that the company is banning all ads related to bitcoin, cryptocurrencies and initial coin offerings (ICOs). The new rule prohibits “financial products and services that are frequently associated with misleading or deceptive promotional practices.” This, according to Leathern’s post, includes binary options, ICOs, and cryptocurrencies.
The policy is far-reaching, but Facebook claims it purposely made it so. The goal is to discover deceptive and misleading advertising practices, and enforce the new rule through its platform. This includes both Facebook and Instagram, which collectively have well over a billion users. Mark Zuckerberg’s company noted that as it improves its signals, it will revisit the policy.
Facebook’s post reads:
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
The company further notes that it may not be able to initially catch every ad the broad policy encompasses. As such, it asks for the community’s help, asking it to report content that violates it.
Facebook ban applies to legitimate crypto ads
Although the policy initially seems to just affect deceptive ads and businesses, the ban also applies to legitimate businesses. Speaking to Business Insider, a Facebook spokesperson revealed that the rule sees no exceptions.
This means that if a legitimate cryptocurrency wallet service like Blockchain.info or Coinbase wants to advertise on the social network, it can’t. Presumably, even individuals or businesses selling Ethereum-mining equipment can’t post ads on Facebook.
As recently reported by Core Media, Facebook’s CEO Mark Zuckerberg has recently revealed he is studying cryptocurrencies. Per his words, cryptocurrencies could help decentralize the internet, and give more power to its users.