Facebook has banned advertisements promoting Initial Coin Offerings (ICOs), Bitcoin such as crypto and binary options trading on its platform. These bans have been done on Facebook besides Instagram, Audiences Network, and Messenger.
According to media reports, Facebook said in a statement that the new policy prohibits advertisements that promote misleading financial services and products.
Facebook said, “We want people to get information about new products and services through Facebook without fear of scams or deceptions.”
Rob Lethern, Product Management Director of Facebook, said, “There are many companies that offer advertisements for binary options, ICO, and cryptocurrency, which is not much reliable at the moment.”
The Social Media Platform has asked the community of more than two billion users to report ads that are against Facebook’s advertising rules.
The company said, “Two of our original advertising principles insist that ads should be safe, and for us, users are first. There is no room for misleading advertisements on Facebook. ‘