Facebook, Inc. (NASDAQ:FB) is banning all advertisements for cryptocurrencies.
News of the ban was announced by Facebook Product Manangment Directors Rob Leathern in a blog post. In the post, Leathern says that FB is dedicated to only showing users ads that are safe, and that it focuses on making its service for people first.
According to the blog post, Facebook will no longer allow “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.”
Leathern gives the following as a few examples of the types of ads that Facebook is banning.
- Start binary options trading now and receive a 10-risk free trades bonus!
- Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world.
- New ICO! Buy tokens at a 15% discount NOW!
- Use your retirement funds to buy Bitcoin!
“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,” Leathern said in the blog post. “We will revisit this policy and how we enforce it as our signals improve.”
James Altucher, an American hedge fund manager, has been investing in bitcoin and advising many others to do the same. However, even he says that it was a good idea for Facebook to ban cryptocurrency ads from its services.
As of this writing, William White did not hold a position in any of the aforementioned securities.