Cryptocurrency ads to be banned by Facebook

Facebook Inc announced on Tuesday, January 30, that the social media platform will ban advertisements which directly or indirectly promote financial products and services tied to cryptocurrencies and initial coin offerings.

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

This move by Facebook means that the ‘crypto-genius’ James Altucher, whose ads have appeared all over the internet won't henceforth be able to advertise on the social media site.

Rob Leathern, Facebook’s product management director said, “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.”

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The new policy will be implemented across its platforms, including Facebook, Audience Network and Instagram, the company said.