Facebook bans Bitcoin, other cryptocurrency ads on its platforms

San Francisco: Facebook has banned ads that promote initial coin offerings (ICOs), cryptocurrency like Bitcoin and binary options trading from its platforms, including Instagram, Audience Network and Messenger.

The new policy prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, Facebook said in a statement late on Tuesday.

"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," said Rob Leathern, Product Management Director at Facebook.

The enforcement will begin to ramp up across Facebook platforms.

"We will revisit this policy and how we enforce it as our signals improve," Leathern added.

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

"People can report any ad on Facebook by clicking on the upper right-hand corner of the ad," Facebook said.

"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," the company added.