Facebook said on Tuesday it will ban ads promoting financial products and services tied to cryptocurrencies and initial coin offerings trading from its platforms, including Instagram, Audience Network and Messenger.
“We’ve created a new policy that 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,”Facebook’s product management director, Rob Leathern, said.
“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,” said Rob Leathern, Product Management Director at Facebook.
The social media platform 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.