Although the names aren't explicitly mentioned, this will prohibit anyone from promoting cryptocoins like Bitcoin, Ethereum, Monero, Litecoin, etc.
Leathern gives the following as a few examples of the types of ads that Facebook is banning.
Clayton Moore, CEO at NetCents, a publicly traded company focused on digital payment technology, says previous Facebook policies should have not allowed these ads to run in the first place.
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.
Bitcoin tanks as Facebook bans cryptocurrency adverts
Bitcoin saw its worst monthly slump since 2013 as U.S. regulators ramp up scrutiny of exchanges and Facebook bans ads tied to the industry January turned into a month to forget for digital currency investors. The ban will be applied to Facebook, the company's ad network Audience Network and on Instagram.
As per the report on the VergeFacebook want people to discover and learn about new products and services of Facebook without any fear of scam or any misleading content. This is because, Facebook says, "there are many companies ... that are not now operating in good faith".
According to Facebook, the policy has been kept wide so that it can work towards developing a system that can more efficiently detect deceptive and misleading advertisements or ad practices. The social media giant highlighted once possible instance using an ad that would be banned such as "Use you funds for retirement to purchase bitcoin".
The changes "will make it harder for scammers to profit" from a presence on Facebook, he added.
In fact, of the top 100 currencies listed on the cryptocurrency ranking chart, coingecko, just one, paccoin, is reporting a growth in value, up 11.67 per cent.
Cardi B Owns the Grammy Red Carpet With Hilarious Interviews
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