With the popularity of cryptocurrencies reaching an all-time high, the number of scams have also been increasing. Facebook, one of the largest social media companies, announced today that it will be banning ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.”
The new policy Facebook rolled out today will also be enforced on its other platforms, which includes the widely popular Instagram and Audience Network. Although not all companies that promote ICOs or cryptocurrencies are fraudulent, Facebook is taking the initiative in stopping fraudulent ads by first prohibiting the entire space. As they narrow down and figure out how to spot the scams more efficiently, we’re sure the policy will be fine-tuned. Until then, don’t expect to see any more ads about cryptocurrencies on your Facebook or Instagram.
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