File Image: (AP Photo/Noah Berger, File)

INTERNATIONAL - Facebook has added cryptocurrency to its list of prohibited content that users cannot advertise.

The reason behind this is that Facebook feels that companies advertising binary options,  initial coin offerings and cryptocurrencies on the platform are not operating in good faith.

Facebook has banned adverts 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.”

The company feels that the ban has good intentions and is necessary. 

“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,” Facebook Product manager Rob Leathern told media. 

“This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook,” Leathern concluded.

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- BUSINESS REPORT ONLINE