Facebook, the social media giant is banning all the ads that promote cryptocurrencies including bitcoin and ICOs as the company aims to stop people from advertising financial products and services associated with misleading and deceptive promotional practices.
According to the Facebook’s blog post, the company’s new policy will enable people to learn about the new products through Facebook ads without the fear of scam or deception. The decision was apparently taken after many companies started to advertise binary options, ICO, and cryptocurrencies but not in good faith.
The new policy will be implemented across the different platforms of the social media including Facebook, Audience Network, and Instagram.
Following this policy no advertiser even if they operate the legal and legitimate business will be able to promote any cryptocurrencies like bitcoins etc. Any ad that will violate the Facebook’s new policy will be banned by the company on its platform.
The recent cryptocurrency bubble has also become a huge scamming ground for the people where many of them have lost a fortune over investing in something that they don’t quite grasp.
The central banks around the world are not quite happy with the boom of cryptocurrencies. Recently, Members of Council of Islamic Ideology (CII) also decided to take up the Bitcoin issue and decide once and for all whether bitcoin trading is halal or not.