Facebook steps in to ban cryptocurrency ads on its social media platforms. Photo / 123RF
If you're sick of seeing Facebook ads about how some "crypto genius" can make you rich if you buy into the latest digital currency, we've got good news for you.
The social media giant — which is desperately trying to clean up the advertising on its platforms — has announced
it will ban all cryptocurrency ads. The ban will include those promoting ICOs (initial coin offerings) which are like initial public offerings but for a new type of crypto coin.
The new addition to the company's advertising policy reads as a biting indictment of the crazed cryptocurrency market which has been fuelled by intense speculation in recent months, and the large number of scams it has attracted.
"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," Facebook said in a blog post.
In the past, Facebook users had noted the proliferation of bizarre and tacky ads spruiking bitcoin and others cryptocurrencies.
