Facebook has announced that it will block all advertising relating to the promotion of cryptocurrency products and services.
In a statement the company said the move was designed to uphold two core advertising principles that state that ads on the network should be safe and should not be misleading or deceptive. The new policy looks to block ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices”.
The company is particularly focusing on binary options, ICOs and cryptocurrencies. While there are many legitimate and worthwhile services and products being advertised on Facebook, the company said that it believed that there is a significant number who are advertising these services but are not “operating in good faith”.
The company states:
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.”
The move is part of an ongoing push by the company to improve both the integrity and security of its ads.
The move comes on the heels of positive comments on the potential benefits of cryptocurrencies made by Mark Zuckerberg. In January the Facebook founder made a statement on his page that digital currencies have the power to “that take power from centralized systems and put it back into people’s hands.” He also cautioned that cryptocurrencies carry the risk of being harder to control.