No advertising will be possible on Facebook – Instagram or Audience Network – anymore to promote cryptocurrencies, directly or indirectly. The social network created a new policy that prohibits 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.” A new hard blow for the ‘crypto bubble’ which has been widely talked about the past few months.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith”, explains Rob Leathern, Product Management Director at Facebook. “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.”
