Facebook removes the ban on cryptocurrency ads
Facebook has updated its policy on 26th June to allow ads that promote cryptocurrency (previously banned) meanwhile making sure the ads are safe and from pre-approved advertisers. However, the new policy still does not favour initial coin offerings (ICO) ads.
Facebook’s revised policy states:
“Starting June 26, we’ll […] allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”
In January 2018 amidst the biggest bull run of Bitcoin and altcoins, Facebook created a new policy that prohibited “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
At that time Facebook asked people to explore and discover new products and service without the fear of being deceived. Facebook simply believed that these ads were not operating on right terms and good faith so they should be prohibited on its platform. However, they also gave a signal that will review the policy and will see if it would be updated or not.
Now after around 6 months Facebook decided to loosen its ropes on cryptocurrency ads by introducing some terms and conditions. For example, advertisers wanting to run ads for cryptocurrency products and services must submit an application to pass through the eligibility criteria designed by Facebook. Moreover, the advertisers have also need to submit any licenses they have obtained, and other necessary information about their business. Keeping these restrictions in mind, not everyone who wants to advertise will be able to do so on the social media platform.
In addition to Facebook, Google and Twitter also have restricted cryptocurrency ads on their respective platforms. This decision by Facebook might encourage other platforms to revisit their advertising policies related to cryptocurrency ads. It is also speculated that once the ads are on flow on Facebook, the credibility of cryptocurrency will increase and there might be a surge in their value.
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