Facebook is banning all ads cryptocurrencies

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Maybe the news was surprising for some, but Facebook, is now banning all ads that promote any form of cryptocurrencies, including the most-known Bitcoin, and other forms of initial coin offerings (ICOs).

Bitcoin's price slumped on Tuesday night as Facebook announced it would ban adverts promoting cryptocurrencies and USA authorities launched a probe into a large online exchange.

The broad scope of the policy is expected to ruffle the feathers of legitimate advertisers, however, at least until Facebook can refine its standards. That said, Leathern said that Facebook could eventually amend its new policy once it finds better ways to detect deceptive and misleading ads practices. This seems to suggest that the extreme volatility of digital currencies and the growing number of questionable schemes could be the main target of this new ad policy. Officials warned investors earlier this month that protections around cryptoassets are limited.

It also comes just weeks after Facebook CEO Mark Zuckerberg publicly endorsed cryptocurrency as something that can "take power from centralised systems and put it back into people's hands".

Facebook Product Management Director Rob Leathern said in a post "there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not now operating in good faith". This ban on cryptocurrencies includes a ban on bitcoin, because they are 'frequently associates with misleading or deceptive promotional practices'.

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Facebook will ban all ads promoting cryptocurrency in an attempt to prevent scammers from using its advertising platform to dupe its users, the company announced on Tuesday.

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.

Will Facebook successfully target cryptocurrency ads?

The social media giant posted the new policy to a company blog today.