Facebook Inc. (NASADQ: FB) is one of the companies that placed a ban on cryptocurrency related ads, binary options and ICOs on its platforms but the social media company seems to have reversed its stand on cryptocurrency ads.
Facebook has reversed the ban to allow cryptocurrency-related businesses and services to be marketed on its social platforms. This means advertisers are once again allowed to post ads that promote cryptocurrency businesses. The social media company instituted the ban in January of 2018 at around the same time when cryptocurrencies had peaked after a very bullish run.
Facebook had instituted the ban to prevent advertisers from posting deceptive or misleading ads. This was because many fake cryptocurrencies that started popping up from scammers who wanted to take advantage of the rising popularity of cryptocurrencies.
Although Facebook has announced that the ban on cryptocurrency ads has been lifted, it is worth noting that the ban is still in place for ICOs and binary options. Advertisers who want to post ads related to cryptocurrencies have to show relevant licenses that they have obtained from regulatory authorities. This will help filter out the scammers, thus eliminating scam promotional content.
“Cryptocurrency advertisers still have to apply and qualify, and ICOs and binary options remain banned. This is an update to the policy as we committed to do,” stated a Facebook spokesperson in an email.
Advertisers to go through a review process
Rob Leathern, the director of Product Management at Facebook said through a blog post that the social media firm will require advertisers to submit an application for eligibility assessment. This will allow the company to determine whether an advertiser should be allowed to run ads that promote cryptocurrency services and products.
Leathern also stated that not all who want to advertise cryptocurrency products and services on Facebook will be able to do so. The company plans to evaluate the feedback and determine how well the policy will work. This is necessary especially for any future revisions or changes to the policy. Meanwhile, more companies are also placing bans against ICO and cryptocurrency ads and Google is the latest firm to move in that direction.
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