Facebook has announced a new advertising policy, for those wishing to promote products and services on the social media platform, which prohibits promotion of financial services which are misleading such as binary options, initial coin offerings, and cryptocurrency. This comes after there has been a surge, over the past couple of years, in ICO, cryptocurrency and binary options ads on Facebook which the social media platform believes are not done in good faith.
Facebook has said that the new advertising policy is part of their ongoing effort to improve the integrity and security the ads they deliver on the social media platform, and also to make it harder for scammers to profit from a presence on Facebook.
"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. This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve," reads a statement from Facebook.
Given that Facebook's ads system is largely automated and digital with minimal, or no, human intervention in most cases, it will be interesting to see how scammers, by nature, will bypass any of the rules and if Facebook will be able to catch and stop the related ads.
"We also understand that we may not catch every ad that should be removed under this new policy, and encourage our community to report content that violates our Advertising Policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad."