Facebook is banning all ads that promote cryptocurrencies, including bitcoin, in an effort to prevent people from advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices.”
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.
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. Scams are illegal, but gambling on investments you don't understand is not.
Bitcoin and other cryptocurrencies are facing growing scrutiny amid fears investors are putting money in without being aware of the risks and that the boom is being exploited by scammers and criminals.
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