The social media giant, Facebook is taking back its ban on cryptocurrency ads. It may soon permit ICO and crypto advertisements but after companies succeed in preliminary applications.
Conditional Reversal of Crypto Ad Ban
Since late January 30, crypto enthusiasts were keeping their eye on Facebook’s latest announcement on crypto Ads – this was due to the fact that on January 30, 2018 Facebook declared crypto ban Ad on its platform. However, the recent announcement by Facebook comes as the solution to crypto advertisers.
In a blog post, titled “Updates to Our Prohibited Financial Products and Services Policy”, Rob Leathern, Facebook’s Product Management Director, announced company’s revised policy on Crypto Ads.
Published on Tuesday, the June 26, 2018, the post notes,
we’ll be updating our policy to 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.”
Facebook Business writes that it was looking over the best way to refine the policy and effective on June 26, Facebook will allow Ads of crypto related content from pre-approved advertisers. It also clarifies that the crypto-related business or services such as exchanges cannot run their ads.
Further, the new policy requires advertisers who wants to run crypto ads should a submit an application. However, applicants are instructed to include “any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.”
Following the restrictions, Facebook declared that, it will ‘not allow everyone who wants to advertise crypto related ads’. The company says it will take necessarily take feedback and analyse the policy over the time. Further, it studies the technology behind cryptocurrencies as it continues to develop its policy.