news report concept background design
Three of Canada’s big banks join anti-hate advertising boycott of Facebook
TORONTO — Three of Canada’s biggest banks are joining an international boycott of Facebook over concerns that the platform is complicit in promoting racism, violence and misinformation.
Scotiabank, RBC and CIBC have pledged to stop purchasing ads on the site for the month, aligning themselves with brands such as Lululemon and MEC in signing onto the #StopHateForProfit campaign.
The initiative, spearheaded by organizations like the NAACP and the Anti-Defamation League, is in response to growing anti-Semitic and anti-Black rhetoric found on the social media platform.
Participating brands will suspend all advertising on the platform for the month of July.
Scotiabank announced its intentions on Friday, while RBC and CIBC confirmed to The Canadian Press this afternoon that they would follow suit.
TD and BMO have yet to comment on the matter.
This report by The Canadian Press was first published on July 1, 2020.
Facebook and The Canadian Press recently announced a reporting initiative called the Facebook and Canadian Press News Fellowship. Facebook will have no influence over the stories created under the program, which is set to launch in the fall; The Canadian Press will maintain complete editorial independence.
The Canadian Press