Facebook bans ads promoting cryptocurrencies including Bitcoin

Published: January 31, 2018
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Facebook bans all cryptocurrency ads from its social media platform. 
PHOTO: AFP

Facebook bans all cryptocurrency ads from its social media platform. PHOTO: AFP

Facebook has decided to ban all cryptocurrency related ads on its social media platform to enhance more security and prohibit the spread of misleading and fake news.

The social media platform has recently been under the radar for posts that promote fake news especially during the rundown to the US election.

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“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency,” according to a blog post.

The tech giant has taken this upon themselves as a duty to ensure that no scammers profit from Facebook.

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“This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook,” stated the blog post.

The company has also asked for the “community members” to contribute by reporting any such ads that the users may see.

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