NEW YORK — Facebook says it is banning ads for financial products often associated with deceptive practices, including those involving cryptocurrencies such as bitcoin.

The new policy says ads can’t promote such services, which also include those involving initial coin offerings. Those offerings are a means of raising capital by selling digital currency that can then be traded. The digital coins or tokens represent an interest in a company.

Facebook says examples of fraudulent ads include phrases like “use your retirement funds to buy Bitcoin!”

Author photo
The AP is one of the largest and most trusted sources of independent newsgathering. AP is neither privately owned nor government-funded; instead, as a not-for-profit news cooperative owned by its American newspaper and broadcast members, it can maintain its single-minded focus on newsgathering and its commitment to the highest standards of objective, accurate journalism.