Facebook crypto ads ban decision has been reviewed by the Internet giant’s company officials. It appears that Facebook has decided to allow some kind of cryptocurrency advertising on its platform.
27 June, AtoZ Markets – Facebook has updated its policy regarding the cryptocurrency advertisements. Earlier this January, this popular social media website has decided to ban all the cryptocurrency related promotion material on its platform. The latest news state that the company has revised the decision.
Facebook Crypto Ads Ban Reversed, ICO Ban in Place
In January 2018, Facebook has banned all the Initial Coin Offerings (ICOs), Binary Options, and cryptocurrency ads on its platform. According to the Product Management Director of Facebook, Rob Leathern, the Facebook policy bans ads that specifically promote the types of services and products “that are frequently associated with misleading or deceptive practices.”
However, it appears that Facebook has reviewed its decision and is now looking into the best way to “refine” its blanket ban on the cryptocurrency-related advertisement. It is expected that the company will do this in the upcoming months in order to “allow some ads while also working to ensure that they’re safe.”
The revised advertising “prohibited products and services policy” of Facebook now reads:
“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.”
Not Everyone Will be Able to Advertise
The updated policy urges advertisers wanting to run ads for cryptocurrency products and services to submit an application to enable Facebook to evaluate their eligibility. Now, the applicants will need to include “any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public backgrounds on their business.”
Moreover, Facebook states that “not everyone who wants to advertise will be able to do so.” The Internet company says it will continue to listen to feedback and can revise its decision over time. The company has added that it will continue to “study” the Blockchain technology while still working on its policy.
It is also known that the company has decided to leave the ICO advertising ban in place.
Think we missed something? Let us know in the comments section below.