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In a new ad policy that rolled out today, Facebook, the Internet's largest social network, has banned all ads for cryptocurrencies and ICOs (Initial Coin Offerings).

The new policy appears last in a long list of prohibited content, in Facebook's updated Advertising Policies.

"Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency," the new policy reads.

Facebook: Misleading or deceptive ads have no place on Facebook

"Misleading or deceptive ads have no place on Facebook," said Rob Leathern, Product Management Director.

"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," Leathern said.

"This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices," he added.

Enforcement is scheduled to ramp up on Facebook, Instagram, and the Facebook Audience Network, a platform for monetizing mobile apps.

Facebook ads abused to drive traffic to scam and malicious sites

The new policy comes after crooks have been using Facebook ads to drive traffic to all sort of scams and phishing sites.

There's been a surge in malware and phishing campaigns targeting cryptocurrency owners ever since Bitcoin price surged in December 2016. We recently wrote an article on a massive wave of Bitcoin phishing sites that were active last month.

A report published by "Big Four" accounting firm Ernst & Young in December 2017 reveals that 10% of all ICO funds are lost to hackers and scams, and cryptocurrency phishing sites make around $1.5 million per month.

The company says that cryptocurrency hacks and scams are a big business, and estimates that crooks made over $2 billion by targeting cryptocoin fans in the past years.

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