Facebook to ban cryptocurrencies ads

Washington (AFP): Facebook is banning all ads that promote cryptocurrencies, including bitcoin, in an effort to prevent people from advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices.”

According to a blog post, the policy will be “intentionally broad,” and will affect Facebook’s flagship site as well as Instagram and Facebook Audience Network, which runs ad campaigns on third-party sites.

Facebook’s guidelines include a few examples of ban-worthy ads, including the straightforward “Use your retirement funds to buy Bitcoin!” It urges people to report any ads that slip through the cracks, although it doesn’t specify how much of a presence cryptocurrency had on the advertising network before this change.

Over time, Facebook says it will revisit the policy and its enforcement mechanisms as its signals improve. In the meantime, Facebook is encouraging people to report content that violates this policy.

“This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.”

That’s led some to be skeptical that Facebook is introducing the policy to curb scams, and speculate that the company will launch a cryptocurrency or blockchain product of its own.

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