Facebook issues a ban on ads promoting cryptocurrencies

Facebook CEO Mark Zuckerberg.   Justin Sullivan  Getty Images

A new Clause 29 in the "Prohibited Content" section of its Advertising Policies says "Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency".

Facebook has initiated a ban on advertisements for cryptocurrencies and initial coin offerings on its platform. Till then, Facebook warned it may not catch every ad that should be removed under this new policy. In a Facebook post published earlier this month, Zuckerberg positively cited cryptocurrency as an example of technology that can decentralize power. This seems to suggest that the extreme volatility of digital currencies and the growing number of questionable schemes could be the main target of this new ad policy. "That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith", wrote Robert Leathern, a Facebook product management director, in a company blog post. "That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith".

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Facebook is taking a stand against questionable financial products.

Ads that violate the company's new policy will be banned on Facebook's core app, but also in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps. It's also unclear how the many Facebook Groups which are focused on cryptocurrencies will be affected by the ban, if at all. It urges people to report any ads that slip through the cracks, although it doesn't specify how much of a presence cryptocurrency had on the advertising network before this change.

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