According to Sky News, the policy, which will be implemented in two weeks, will prohibit advertisements for initial coin offerings (ICOs), token sales and cryptocurrency wallets globally.
There is also the chance that the social media site will ban all crypto exchange ads, with a few exceptions.
At the end of January, Facebook announced that it was banning ads that promote “financial products and services frequently associated with misleading or deceptive promotional practices.” Beyond its own app, Facebook will also ban such ads on Instagram and within its network of third-party apps.
And just this past week, Google announced it has decided to not run ads for cryptocurrencies as part of its efforts to clamp down on advertisements that run afoul of its policies. The company said the new policy, which is slated to launch in June, will ban ads for cryptocurrencies and related content and financial spread betting, among other things.
Both Facebook and Google also banned ads for binary options trading after it was revealed that victims’ losses in Britain have risen by 400,000 percent in six years.
This is another blow for cryptocurrency exchanges, with governments and financial institutions warning investors of the risks associated with the platforms.
Earlier this month, the U.S. Securities and Exchange Commission (SEC) issued dozens of requests for information and subpoenas from companies who have dipped, or are dipping, corporate toes in the initial coin offerings pool.
In addition, Mark Carney, the governor of the Bank of England, has warned that cryptocurrencies are facing a regulatory crackdown, telling Sky News that the time has come to “regulate elements of the crypto-asset ecosystem to combat illicit activities.”
“There are a number of problems with cryptocurrencies. They are small now, but they are getting bigger,” he said. “There are issues for authorities who deal with money laundering, terrorist financing and price fixing. There have been a number of incidents of theft – not just big crimes, but also steady thefts from people’s wallets.”