The current Facebook’s rules prohibit posting any ads connected with cryptocurrencies, coin offerings, and binary trading. Company’s product manager Rob Leathern says that Facebook doesn’t support services “that are associated with deceptive and misleading practices.”
Initial coin offerings of Bitcoin, Ether, and Litecoin emerged in popularity and raised the number of scams. The social network wants users to continue learning and discovering about these services, but they say that many companies are not operating fairly. Despite the fact the policy is pretty broad, the company members are looking for a way to detect misleading ads that might be risky for their users. They also promise that this policy will be revised and improved. They plan to add mechanisms that will recognize unreliable offers. Their main aim is to make it more difficult for scammers to profit from credulous people. The enforcement of this policy now goes beyond Facebook. Instagram has adopted the same practices: they remove every add connected with cryptocurrency under the new policy. Also, Instagram and Facebbok owners encourage people to report any suspicious advertisement to make the process more efficient.