It is a bold move from Facebook, but they have decided to forego any money they might have been able to generate from advertisements that promote Bitcoin or any other types of cryptocurrencies.
Facebook says that they are doing this to avoid promoting anything to their audience of users that comes from companies that “often promote deceptive or misleading information” says CNBC. In other words, they do not believe that the companies hocking cryptocurrencies are being honest enough in their advertising to deserve a spot with Facebook.
The ban goes beyond simply nixing Bitcoin advertisements. Ads for things like binary options are also going to be thrown out the window. In other words, industries that Facebook has deemed as being misleading are not going to advertise with them. That is unfortunate in some ways because it does discriminate even against those who run legitimate operations in the cryptocurrency and binary options fields. Still, it is true that there are a lot of less than reputable players who want to lure people into their schemes as well. Facebook seems to want to protect against that.
It is important to Facebook that they keep the policy as broad as possible. That is because they want to have latitude to narrow it down as time goes on. They want to keep their options open when it comes to eliminating ads.
You have to bare in mind that Facebook and other social media outlets have been under pressure since the 2016 election cycle for allowing ads that are traced back to Russians to be on their site. Some say that those advertisements passed along false information, and that information may have influenced the election. The social media networks deny that this is the case, but they have admitted that such ads did appear on their site at times.
With that kind of pressure on their backs, Facebook has already felt enough heat to want to stay far away from controversy for quite a while. They have a broad policy now so that they can eliminate any problems before they become real issues for them.