Facebook on Tuesday said it was banning ads that promote cryptocurrencies because of concerns about scams and deceptive practices.
Facebook Inc (NASDAQ:FB) announced on Tuesday that it will henceforth disallow advertisements that deceptively promote bitcoin, other cryptocurrencies, and certain types of other unsafe financial instruments.
The move is particularly interesting given Facebook CEO Mark Zuckerberg's interest in cryptocurrency.
"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception", Facebook product management director Rob Leathern said in a blog post. Officials warned investors earlier this month that protections around cryptoassets are limited.
Facebook allows ads for sensitive financial topics, with some restrictions. With regard to the aforementioned financial products, there are "many companies" advertising such products that are not now operating in good faith, Leathern noted. Of course, the social media company's new policy also may hit some legitimate crypto ads as well. Leathern added that the policy is part of an ongoing effort to improve the integrity and security of its ads and to make it harder for scammers to profit from a presence on its platform.
It's unclear whether the policy against cryptocurrency ads has gone into effect yet or not, but many ads which clearly violate it are still circulating.
Also of note is the fact that the ban isn't limited to the core Facebook product.
Facebook has banned all cryptocurrency related advertisements on their platform. To report an ad, just click on the icon in the upper right-hand corner of it.