Facebook has said it will block any advertising promoting cryptocurrency products and services.
The company said it was open to emerging technologies but many companies were not acting in “good faith” when extolling the virtues buying into virtual currencies.
Recently, a wave of new currencies have emerged, seeking to piggyback Bitcoin's huge increase in value.
Facebook Bans Ads for Bitcoin and Other Cryptocurrencies
Want to get rich quick through Bitcoins or other virtual currencies? You’ll have to do it without Facebook.
The social network said Tuesday that it would ban all ads for Bitcoin and other cryptocurrencies, in order to stop promotions that it sees as “frequently associated with misleading or deceptive promotional practices.”
Under Facebook’s new policy, no ads from well-known digital currency exchanges or for initial coin offerings will be allowed. Among those who will be affected is James Altucher, a self-described “crypto genius” whose viral ads have become a talking point in how the cryptocurrency boom has led to scams and wild price fluctuations.
Facebook Bans Ads Associated With Cryptocurrencies
Facebook Inc. is banning ads on its social network that promote cryptocurrencies, initial coin offerings and binary options, saying they’re “frequently associated with misleading or deceptive promotional practices.”