Facebook is banning all ads promoting cryptocurrencies — including bitcoin and ICOs

It’s an “intentionally broad” policy aimed at stopping scammers.

Facebook is banning all ads that promote cryptocurrencies, including bitcoin, in an effort to prevent people from advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices.”

That means no advertiser — even those that operate legal, legitimate businesses — will be able to promote things like bitcoin and other cryptocurrencies, initial coin offerings — ICOs for short — or binary options, according to a Facebook blog post.

The cryptocurrency boom/bubble has led to scams and wild price fluctuations that have cost a lot of people — including unsophisticated investors — a lot of money. Scams are illegal, but gambling on investments you don’t understand is not.

Look for blowback from entrepreneurs and investors who argue that the move unfairly punishes legitimate cryptocurrency companies and related crypto products. Facebook’s board of directors includes two investors — Marc Andreessen and Peter Thiel — whose firms have been prominent crypto backers. Facebook Messenger boss, David Marcus, is also on the board at the popular crypto exchange Coinbase.