Facebook (FB) is banning ads that promote cryptocurrencies.

This a sweeping policy that covers bitcoin as well as other initial coin offerings designed to err on the conservative side, and being cautious given the uncertain future of cryptocurrencies.

This is a pretty significant setback.

That’s an “intentionally broad” approach to prevent “financial products and services that are frequently associated with misleading or deceptive promotional practices,” including binary options as well.

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

Enforcement will ramp up across platforms including Facebook, Audience Network and Instagram, it says, and it will revisit the policy “as our signals improve.”

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