Facebook bans ads for bitcoin, other cryptocurrencies

BITCOIN is just one of the cryptocurrencies being offered online.

SAN FRANCISCO — Facebook’s two billion users won’t be seeing advertisements on bitcoin and other cryptocurrencies as the social media giant banned such ads from appearing on its site.

No “deceptive promotional practices such as cryptocurrency” will be allowed in any ads on its website, the new Facebook policy released on Tuesday read.

“Enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram,” it noted.

Facebook regards the said financial products and services as being frequently associated with misleading or deceptive promotional practices.

“Ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook,” said the world’s largest operator of online social and social networking service, which is based in the San Francisco Bay Area of California in the US west coast.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Facebook said.

Covered by the ban are legal businesses promoting bitcoin, cryptocurrencies, initial coin offerings or binary options on Facebook.

Founded on Feb. 4, 2004, Facebook has more than 2 billion monthly active users as of June 2017. p: wjg