The social Media giant, Facebook is going to ban cryptocurrency advertisements including Bitcoin to prevent promotion of deceptive practices involving them. The company is calling theses as "financial products and services frequently associated with misleading or deceptive promotional practices."
In a blog post released by Facebook, it has stated the following as examples of financial products and services ads that are misleading:
- Start binary options trading now and receive a 10-risk free trade bonus!
- Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world.
- New ICO! Buy tokens at a 15% discount NOW!
- Use your retirement funds to buy Bitcoin!
As per the new policy, finance products and services associated binary options, initial coin offerings (ICO) or cryptocurrencies will be banned from Facebook's core app and all other platforms where it sells ads like Instagram and its Ad network Audience Network that places ads on third-party apps.
This policy change will not allow even legally operating legitimate businesses to promote cryptocurrencies.