01/31/2018 08:00 EST | Updated 01/31/2018 08:00 EST

Facebook Is Banning Cryptocurrency Ads

The policy targets financial services "frequently associated with misleading or deceptive promotional practice."

REUTERS/Dado Ruvic/Illustration
Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, Dec. 21, 2017.

Facebook Inc said on Tuesday it will ban ads promoting financial products and services tied to cryptocurrencies and initial coin offerings.

"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's product management director, Rob Leathern, said.

The new policy will be implemented across its platforms, including Facebook, Audience Network and Instagram, the company said.