Facebook Bans Ads Associated With Cryptocurrencies

Facebook Inc. is banning ads on its social network that promote cryptocurrencies, initial coin offerings and binary options, saying they’re “frequently associated with misleading or deceptive promotional practices.”

The policy will be “intentionally broad” while Facebook works to understand which ads are deceptive or misleading, from companies “not currently operating in good faith,” the company said Tuesday in a blog post. Facebook, along with its other properties including Instagram, won’t allow ads that say “Use your retirement funds to buy Bitcoin!” for example, or those that promote binary options trading, a risky derivative with an all-or-nothing payoff.

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

There have been a number of instances where people or companies have raised money through an ICO, or initial coin offering, with no apparent business behind it. Regulators have recently started to crack down. The U.S. Securities and Exchange Commission said this week that it got a court order freezing the assets of an alleged initial coin offering scam by AriseBank.

Still, enthusiasm for bitcoin and other volatile digital currencies has minted many millionaires…

Read Full: Facebook Bans Ads Associated With Cryptocurrencies