YES! Spamming Trade or General with advertisements is against the rules and does result in a chat/social violation. It is the same penalty volcano that applies to all chat/social infractions.
Blizzard has a policy on the advertising of boots/carries for gold, which are allowed (within limits). They have to advertise in the Trade Services channel only though.
You can read the policy here. Any use of other channels should be reported.
Blizzard does close licenses for spamming and advertising. We get threads here about that too.