Facebook is banning all advertisements for cryptocurrency, including Bitcoin and initial coin offerings, as part of an “intentionally broad” policy against deceptive marketers. Product management director Rob Leathern explained the decision in a blog post, saying Facebook will no longer accept ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices.” He says the decision isn’t permanent, though, and that Facebook will revisit the rules when it’s gotten better at detecting and removing bad ads.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs, and cryptocurrencies that are not currently operating in good faith. This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up” across Facebook, Instagram, and its off-platform Audience Network, writes Leathern. “We will revisit this policy and how we enforce it as our signals improve.”
That means no advertiser — even those that operate legal, legitimate businesses — will be able to promote things like bitcoin and other cryptocurrencies, initial coin offerings — ICOs for short — or binary options, according to a Facebook blog post.
That also means that "crypto-genius" James Altucher, whose ads have appeared all over the internet and have become a meme of sorts for the entire crypto industry, won't be able to advertise on Facebook.
Ads that violate the company's new policy will be banned on Facebook's core app, but also in other places where Facebook sells ads, including Instagram and its ad network, Audience Network, which places ads on third-party apps.
Bitcoin tumbled 12 percent to a low near $9,810 on CoinDesk before recovering slightly, and all major cryptocurrencies sold off.
Despite Tuesday's slew of worrying headlines, bitcoin has survived worse over the years. It recovered from a more than $2,000 drop in September following China's cryptocurrency crackdown and has bounced back from several other plunges of more than 20 percent.
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