Facebook is banning the ads of cryptocurrencies, including bitcoin, initial coin offerings (ICOs) and binary options across its network and partnering sites. According to the new company policy, “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“ are prohibited. The ban will apply to all platforms of the company, including Facebook, Audience Network that places ads on third party apps, and Instagram. Considering the amount of scammers there looking for gullible victims I am not surprised this happened.
Facebook banned all crypto ads on the service back in January, around the height of the bitcoin price surge, to prevent people from promoting “financial products and services frequently associated with misleading or deceptive promotional practices.” Facebook is reversing its ban on cryptocurrency advertisements and will now allow some preapproved advertisers to promote crypto businesses and services, like exchanges.