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Facebook suspends all Bitcoin, cryptocurrency advertisements

Facebook is making big changes to its news feed and hoping to make it a more "meaningful" experience for its users. REUTERS/Dado Ruvic/File Photo

Facebook is targeting cryptocurrencies like Bitcoin with its new advertising policies – saying all ads for the currencies are banned.

The policy also affects advertisements for internal coin offering and binary options, which are options to invest in cryptocurrencies.

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Officials at the social media platform say the ad policy is being updated because “many companies who are advertising binary options, ICOs (Initial Coin Offerings) and cryptocurrencies are not currently operating in good faith.”

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Facebook officials wrote in a blog post.

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Examples of the deceptive ads include:

  • “Use your retirement funds to buy Bitcoin!”
  • “Start binary options trading now and receive a 10-risk-free trades bonus!”
  • “Click here to learn more about our no-risk cryptocurrency that enables instant payment to anyone in the world.”

READ MORE: Who owns crashing Bitcoin? Mostly young men

The company says the policy is currently vague, and officials will revisit the policy in the future.

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