Facebook Bans Cryptocurrency And ICO Advertising – Cites Potential For “Misleading Promotional Practices”br>
Facebook has announced it will ban all ads that promote cryptocurrencies in an effort to stamp out what it characterizes as “financial products and services frequently associated with misleading or deceptive promotional practices.”
The social media giant posted the new policy to a company blog today. The new policy means digital currency companies, initial coin offerings and options will no longer be able to reach the vast Facebook audience. It also means that Instagram and Facebook’s third-party ad network, called Audience Network, is off limits.
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,” said the post from Rob Leathern, one of Facebook’s ad tech directors. “We will revisit this policy and how we enforce it as our signals improve.”
Ironically, Facebook’s board of directors includes investors and prominent cryptocurrency backers Marc Andreessen and Peter Thiel. Also, Facebook Messenger head David Marcus is on the board at Coinbase, the largest exchange in the US and a billion-dollar unicorn.