Facebook introduced a new advertising policy in relation to cryptocurrencies, binary options and initial coin offering(ICO). It prohibits the advertising of these types of products and services, as they are “often associated with deception,” stated on January 30 in a blog post by Facebook Product Management Director Rob Leathern.
ICO(Initial Coin Offering), bitcoin, ethereum, litecoin and cryptocurrency in general have gone mainstream in recent months and have also caught the attention of scammers who are looking to make huge gains from this momentum.
According to Leathern, Facebook wants people to discover and learn about new products and services through Facebook ads without fear of scams or deception. He also noted that ” there are many companies that advertise binary option,s ICO and cryptocurrency while acting in bad faith”
Facebook understands that the new advertising policy is quite broad and will affect even fair advertisers. The company’s plan is to identify fraudulent advertising related to the areas mentioned above. Over time, Facebook is going to reconsider this policy. The company encourages users to report content that violates the new rules.