Facebook (FB) - Get Report said Tuesday it was banning advertisements for cryptocurrencies, initial coin offerings (ICOs) and binary options.

According to a blog posting by Rob Leathern, Facebook Product Management Director, "there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith."

Leathern described the new policy as "intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram."

Cryptocurrencies have gained significant public attention in recent months driven by huge gains and volatility in the price of bitcoin. Bitcoin prices fell 8.5% on Tuesday to $10,276.

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