Facebook Bans Cryptocurrency Ads in Crackdown on “Deceptive Promotional Pieces”

More bad news for cryptocurrencies as Facebook announces a ban on advertising for “binary options, initial coin offerings and cryptocurrency,” reports CNBC.

The decision is part of Facebook’s efforts to limit advertising for financial products and services “that are frequently associated with misleading or deceptive promotional practices.”

This followed a 12 percent drop in Bitcoin on CoinDesk to $9,810 as it appears the cryptocurrency bubble is starting to burst.

Cryptocurrency experts are not too worried, however. “Because of the growth of the industry last year, there are some cracks in the industry as well that are being quickly ironed out,” said Joe DiPasquale, founder and CEO of BitBull Capital.

DiPasquale’s hedge-fund managers “are pretty encouraged now for the defining of a new bottom for bitcoin around $10,000. It’s a support level that can be moved up from. The other things are growing pains for the industry.”