Yes, this is true. Facebook is banning all ads that are related to or promote cryptocurrencies, including bitcoin. This is an attempt by the company to prevent people from advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices”.

According to a Blog Post, this means that no advertiser, even the ones that operate legal, legitimate businesses would be able to promote things like bitcoin and other cryptocurrencies, initial coin offerings also known as ICOs, or binary options.

This also refers to the fact that “crypto-genius” James Altucher, whose ads have appeared all over the internet, has appeared to become a meme of sorts for the entire crypto industry. This won’t be able to advertise on Facebook again, maybe.

Also, ads that violate the company’s new policy would be not only banned on Facebook’s core app, but also in other places where Facebook sells ads, like Instagram and its ad network, Audience Network. This places ads on third-party apps.

With this, the social media platform is asking its over two billion-strong community to report content that violates its advertising policies.

Facebook bitcoin ads
Image Credit: The Verge

To this, Rob Leathern, Product Management Director at Facebook, added that “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. Trading Signals Telegram free crypto signals altcoin signals groups are plentiful and they can be found elsewhere if one should desire. We will revisit this policy and how we enforce it as our signals improve. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad. Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook”.

This is quite an effective step in the sense that, the cryptocurrency boom/bubble has led to scams and wild price fluctuations that have cost a lot of people, including unsophisticated investors, a lot of money.