Facebook bans all cryptocurrency ads on its platform
Facebook has announced it will ban all ads promoting cryptocurrencies, including bitcoin and ICOs. This follows efforts led by the company to regain trust from its users on the platform.
"This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices." Rob Leathern, one of Facebook's ad tech directors said in a blog post. "We will revisit this policy and how we enforce it as our signals improve."
Facebook ads had become one of the most used marketing tactics for Initial Coin Offerings (ICOs) during pre-sales of startups' tokens. The social media giant have now labels these as "financial products and services frequently associated with misleading or deceptive promotional practices."
Under the current policy, no exceptions will apply, even for legitimate crypto businesses. Facebook board members Marc Andreessen and Peter Thiel have been active crypto backers in the past quarters. David Marcus, Facebook's Messenger chief currently serves on the board of Coinbase, the most popular crypto exchange in the United States.