Facebook is banning ads promoting questionable financial products (including cryptocurrencies)

Alicia Cross
January 31, 2018

Facebook Inc.is banning ads on its social network that promote cryptocurrencies, initial coin offerings, and binary options, saying they're "frequently associated with misleading or deceptive promotional practices".

Facebook Inc (NASDAQ:FB) announced on Tuesday that it will henceforth disallow advertisements that deceptively promote bitcoin, other cryptocurrencies, and certain types of other risky financial instruments.

Facebook has announced a new advertising policy, and it's very simple.

The announcement comes weeks after Facebook chief executive Mark Zuckerberg acknowledged the potential of cryptocurrencies to wrest power away from "centralized systems".

Leathern acknowledged that the policy may hit some legitimate ads as well.

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"This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices", wrote Rob Leathern, one of Facebook's ad tech directors. With regard to the aforementioned financial products, there are "many companies" advertising such products that are not now operating in good faith, Leathern noted. Although they have taken actions against companies and ICOs that they have thought to be questionable, such as by suspending trading on certain stocks, there isn't anything they can do to keep investors from gambling away their nest eggs on a speculative investment they don't understand.

The news came as Facebook also announced it has barred ads promoting cryptocurrencies.

That also means that "crypto-genius" James Altucher, whose ads have appeared all over the internet and have become a meme of sorts for the entire crypto industry, won't be able to advertise on Facebook. In the meantime, Facebook is encouraging people to report content that violates this policy.

The social media giant posted the new policy to a company blog today.

Other reports by Free-Prsite

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