Facebook is prohibiting all cryptocurrency ads, including those on Instagram, the company announced on Tuesday.
The move comes as cryptocurrency use is on the rise, and as the new type of currency spikes, so do scams.
Facebook Product Management Director Rob Leathern said in a post “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
Due to the rise in scams, Facebook is now prohibiting ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
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