In a new advertising policy released a few days ago, Facebook, the largest social network on the Internet, will now prohibit all ads for cryptocurrencies and ICOs (Initial Coin Offerings).
The new policy appears recently in a long list of prohibited content on Facebook. As she herself stated “Ads must not promote financial content products and services that are often associated with misleading promotional practices, such as cryptocurrency offers. Misleading ads have no place on Facebook. We want people to continue discovering and learning about new products and services through Facebook ads without fear of deception. This is because there are many companies that advertise cryptocurrencies and do not operate in good faith. Therefore ads with phrases like «Use your pension money to buy Bitcoin» or “New ICO! Buy cryptocurrencies now with a 15% discount» will no longer be allowed.
The new policy comes after some scammers used Facebook ads to direct users to phishing scam sites. There was a large increase in malicious software campaigns and phishing, targeting cryptocurrency owners since Bitcoin's price rose in December 2016. A report published by the accounting firm Ernst & Young in December 2017 reveals that 10% of all ICO funds are lost to hackers and fraud, while phishing sites for cryptocurrencies earn about 1.5 million dollars per month. The company says hackers have built a large business around cryptocurrencies and estimates their profit is over 2 billion dollars in the last 2 years
