Canadian banks join hate speech-induced Facebook ad boycott

Canada's biggest banks will pause advertising on Facebook in July, joining over 400 brands in boycotting the social media platform to pressure it on taking concrete steps to block hate speech.

The Canadian lenders were Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal, Toronto-Dominion Bank, National Bank of Canada and Canadian Imperial Bank of Commerce.

Bank of Montreal has an ongoing dialogue with Facebook about reducing hate speech on the latter's services.

Desjardins Group, Canada's biggest federation of credit unions, will also pause advertising on Facebook and Instagram for July unless an exceptional situation arises that requires them to communicate with their members or clients.

Facebook policy chief Nick Clegg said last month that the company stands against hate speech and removed 10 million hateful posts from the previous quarter.

Over 400 brands have refrained from advertising on Facebook in support of the "Stop Hate for Profit" campaign, which began after George Floyd died in police custody on May 25.