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Facebook blocks crypto-currency advertising

Facebook has pledged to block any advertising promoting crypto-currency products.

The American technology giant has revealed that while it remains open to new technologies, a lot of firms have not been acting in "good faith" in regards to virtual currencies.

Rob Leathern, product management director for Facebook Business, wrote: "We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.

"That said, there are many companies who are advertising binary options, ICOs and crypto-currencies that are not currently operating in good faith."

Facebook explained that its new policy was "intentionally broad", adding that it would evolve over a period of time.

The company explained: "Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or crypto-currency."

This comes shortly after Facebook was urged to withdraw an app aimed at under-13s by more than 100 child health experts.

In a letter to Facebook chief Mark Zuckerberg, the social media firm's Messenger Kids service was accused of being an "irresponsible" way of encouraging young children to use its website.

The open letter reads: "Messenger Kids will likely be the first social media platform widely used by elementary school children [four- to -11-year-olds].

"But a growing body of research demonstrates that excessive use of digital devices and social media is harmful to children and teens, making it very likely this new app will undermine children's healthy development.

"Younger children are simply not ready to have social media accounts.

"They are not old enough to navigate the complexities of online relationships, which often lead to misunderstandings and conflicts even among more mature users."