Facebook bans Bitcoin and ICOs ads

The decision is part of the social media company’s efforts to prohibit ads for financial products and services “that are frequently associated with misleading or deceptive promotional practices”. The news followed the US Securities and Exchange Commission announcing that a court approved an emergency asset freeze for AriseBank, which claimed it raised USD 600 million in sales of new digital coins.

Moreover, the US Commodity Futures and Trading Commission has sent a subpoena to Bitfinex, one of the largest cryptocurrency exchanges in the world, and a digital coin company called Tether that is run by many of the same people as the exchange, according to Reuters.

However, a spokesman for Bitfinex and Tether, which are affiliated with each other, said in a statement: “We routinely receive legal process from law enforcement agents and regulators conducting investigations. It is our policy not to comment on any such requests.”

As a result, Bitcoin tumbled 12% to a low near USD 9,810 on CoinDesk before recovering slightly, and all major cryptocurrencies sold off, according to CNBC.