Facebook bans all ads for bitcoin and other cryptocurrencies

SAN FRANCISCO, Feb. 1 — Facebook said on Tuesday that no
“deceptive promotional practices such as cryptocurrency” will be allowed in
any ads on its website.

The new Facebook policy released on Tuesday virtually bans all ads that
promote cryptocurrencies, including bitcoin, across the Facebook community.
“Ads should be safe, and that we build for people first. Misleading or
deceptive ads have no place on Facebook,” said the world’s largest operator
of online social and social networking service, which is based in the San
Francisco Bay Area of California on the U.S. west coast. The new practice
will prohibit all advertisers, including those who operate legal
businesses, from promoting things like bitcoin, cryptocurrencies, initial
coin offerings or binary options on Facebook. Facebook regards the above
financial products and services as being frequently associated with
misleading or deceptive promotional practices. “We want people to continue
to discover and learn about new products and services through Facebook ads
without fear of scams or deception,” Facebook said.It said the new policy
is part of its efforts to “better detect deceptive and misleading
advertising practices.” “Enforcement will begin to ramp up across our
platforms including Facebook, Audience Network and Instagram,” it noted.
Founded on Feb. 4, 2004, Facebook has more than 2 billion monthly active
users as of June 2017. – XINHUA