Canada’s Banks Pull Advertising From Facebook

Canada’s big banks have joined the Facebook (NASDAQ:FB) boycott.

All five of Canada's biggest banks have joined an international boycott of Facebook over concerns that the platform is complicit in promoting racism, violence and misinformation.

Scotiabank (TSX:BNS), RBC (TSX:RY), CIBC (TSX:CM), BMO (TSX:BMO) and TD Canada Trust(T.TD) have pledged to stop purchasing advertisements on the site for the month of July, aligning themselves with brands such as Lululemon Athletica (NASDAQ:LULU) and Mountain Equipment Co-Op in signing onto the "StopHateForProfit' online campaign.

The initiative began in response to growing anti-Semitic and anti-Black rhetoric found on the social media platform. Participating brands are suspending all advertising on Facebook during July. Scotiabank announced its intentions on Tuesday, while the four others confirmed on Wednesday that they would follow suit.

Facebook has come under fire in recent months for what critics say is an indifference when it comes to policing its platform for individuals and groups espousing hateful ideology. The company has also been criticized for a lack of action on disinformation.

After numerous brands began pulling advertising from the platform, Facebook began taking down some political posts deemed to be fake or misleading. Criticism against Facebook has come from inside the company as well.

At the beginning of June -- shortly after U.S. President Donald Trump threatened via social media to order the military to shoot anti-racism protestors -- hundreds of Facebook employees staged a virtual walkout to protest the company's refusal to label Trump’s post as hate speech.