Facebook is Cracking Down on #Cryptocurrencies ads on All its Platform

The Social Media networking giant Facebook said on Tuesday that it will not display ads for
financial products that "are frequently associated with misleading or deceptive promotional practices," specifically virtual currencies and "initial coin offerings," a fundraising tactic that new cryptocurrencies use to attract fresh investors.

We want people to continue to discover and learn about new products and services through Facebook ads without
fear of scams or deception.

Wrote Rob Leathern, a product management director at Facebook, in a blog post.

 There are many companies who are advertising binary options, #ICOs, and cryptocurrencies that are not currently operating in good faith. This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up" across Facebook, #Instagram, and its off-platform Audience Network. "We will revisit this policy and how we enforce it as our signals improve."

Facebook provides a number of examples to illustrate its new policy, such as ad copy that exhorts users to convert their retirement funds into bitcoin or promotions for "no-risk" cryptocurrency.

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

"They come with the risk of being harder to control, "#Zuckerberg said in a Facebook post. "I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services."

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