Mark Zuckerberg

Mark Zuckerberg has put the smackdown on Bitcoin advertising on

After today, Facebook users will no longer see ads such as: “Richard Branson Reveals Trading Bitcoins Will Make You Quit your job in 30 Days!”.

Facebook announced it is banning all Bitcoin and other cryptocurrency ads on the social media platform. The surprise move is an effort to “protect Facebook users from “financial products and services frequently associated with misleading or deceptive promotional practices.”

Facebook has been criticized for selling ads to scammers who promote shady get-rich-quick schemes. Many believe Bitcoin is an unstable Ponzi scheme.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” said Facebook product management director Robert Leathern in a company blog post. “That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”