Facebook decides it's time to ban all cryptocurrency and ICO ads

Has Mark Zuckerberg soured on Bitcoin? Paul Marotta  Getty Images

Has Mark Zuckerberg soured on Bitcoin? Paul Marotta Getty Images

Amid ongoing crackdown on cryptocurrencies by regulators across the world, Facebook has jumped the bandwagon by unveiling its new ads policy.

On Tuesday, in one of its blog posts, Facebook outlined its new policy that prohibits ads that promote financial services or products that are associated frequently with deceptive or misleading promotional practices. The new advertising policy applies to the company's platforms including Facebook, Instagram, and Audience Network.

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This Facebook blog post says it all - and as we understand, this means no advertiser, even those who are legitimately running businesses that involve bitcoin and ICOs can not promote their cryptocurrency offerings.

According to the social network, the policy has been kept wide so that it can lead to development of a system to efficiently detect deceptive and misleading advertisements or ad practices. While financial products and services are banned, cryptocurrency conferences, meetings, and gatherings might still be OK.

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Facebook says the new policy is part of an ongoing effort to improve the state of ads on its platform, as well as make it more hard for scammers to profit from misleading practices. The company announced the new ad restriction today, explaining that its new ban also applies to ads related to initial coin offerings and binary options. In January the Facebook founder made a statement on his page that digital currencies have the power to "that take power from centralized systems and put it back into people's hands".

All hope is not lost since Facebook stated that over time, it will revisit its current standings on the policy and its enforcement on these policies as they improve their systems. If that happens, Facebook provides users an option to report advertisements. In the past, Facebook users had noted the proliferation of weird and tacky ads spruiking bitcoin and others cryptocurrencies.

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