Cryptocurrency started to gain popularity through social media and Facebook was one of the big part of it.
However, the latter has banned the cryptocurrency related advertisements because of ‘Deceptive Promotional Practices’.
Facebook has updated its advertising policy, announcing in a blog post Tuesday, Jan. 30 that it prohibits ads that use “misleading or deceptive promotional practices,” which, according to the social media platform, includes ads of cryptocurrencies and Initial Coin Offerings (ICOs).
According to World’s biggest and leading social media conglomerate claims that there are “many companies” that use Facebook’s platform to advertise financial products, such as binary options, cryptocurrencies and ICOs, but do so “[not operating] in good faith”.
Facebook is going to make it “harder for scammers to profit” from a presence on the social platform by banning all such ads, the blog continued.
Meanwhile, the said announcement also encourages the users to help police the community by reporting content that violates the new rule.
“Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first,” said Facebook.