Social networking giant Facebook has announced a new policy to prohibit promotional activities on initial coin offerings (ICOs) and cryptocurrency.

In an online post, Rob Leathern, Product Management Director at Facebook, stated:

“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”

Facebook noted that there are many companies that are engaging in the advertisement of 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,” Leathern said.