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Facebook bans cryptocurrency and ICO ads

A Facebook logo is seen on an iPhone screen in this photo illustration. Photo: Jaap Arriens/NurPhoto via Getty Images

Facebook is banning all ads for cryptocurrencies and initial coin offerings, including on Instagram, it said in a blog post.

Why it matters: With the current boom in cryptocurrencies and ICOs, there's been a fair share of fraud as well.

Yes, but: While Facebook has moved swiftly to stop potential scam ads in their tracks, it had a more laissez-faire approach to political ads during the last U.S. presidential election, which led to meddling from Russian actors.

Ironically, Facebook CEO Mark Zuckerberg said earlier this month that he was interested in whether and how cryptocurrencies could help the social network.