31 January, 2018
Due to the rise in scams, Facebook is now prohibiting 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".
Leathern recognizes that the policy is quite broad, but he says that's intentional.
Leathern acknowledged that the policy may hit some legitimate ads as well.
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"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception", wrote Rob Leathern, a product management director at Facebook, in a blog post. Officials warned investors earlier this month that protections around cryptoassets are limited.
In a game-changing move for cryptocurrency investors everywhere, Facebook as elected to ban all forms of advertising for bitcoin and all other ICOs (initial coin offerings) on the platform.
Facebook is taking a stand against questionable financial products. Facebook, along with its other properties including Instagram, won't allow ads that say "Use your retirement funds to buy Bitcoin!" for example, or those that promote binary options trading, a risky derivative with an all-or-nothing payoff. It's also unclear how the many Facebook Groups which are focused on cryptocurrencies will be affected by the ban, if at all. In the meantime, Facebook is encouraging people to report content that violates this policy. Of note, the social media firm said past year that it would crack down on ads which discriminate against some users, but months after that promise was made in response to a ProPublica investigation, the media outlet was still able to buy discriminatory ads through the company's platform.