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.
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In the past, Facebook users had noted the proliferation of bizarre and tacky ads spruiking bitcoin and others cryptocurrencies.
Among examples Facebook cited of ads it is banning included those that prompt users to: "Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world" or "Use your retirement funds to buy Bitcoin!".
The move has been welcomed on social media by detractors of the crypto craze as well as supports of digital coins who wish to see the likes of Bitcoin and so-called alt-coins portrayed in a more legitimate fashion.
Others, however, claimed the move was part of a war to censor crypto while some speculated Facebook wanted to produce its own digital coin to be used among friends on its platform.
Facebook said the new policy was "intentionally broad" and designed "to make it harder for scammers to profit from a presence on Facebook."
The company said enforcement will begin to ramp up across its platforms including Facebook, Audience Network and Instagram.
The price of bitcoin fell below US$10,000 ($13,631) following the news and at the time of writing was just over US$10,250.