Great news for crypto-fanatics, Facebook have finally reversed their ban on cryptocurrency advertising.
Just to re-cap, a few months back, Facebook, Google and Twitter all issued bans on all forms of cryptocurrency advertising. Since then, Facebook are alleged to have carried out extensive research into the area (they now have a blockchain research team remember) and have since decided that actually, there is an awful lot of honest cryptocurrency advertising out there. Therefore, in this latest move, Facebook will start to allow crypto-companies to advertise cryptocurrency products and services (such as news websites), under a list of stringent new regulations.
Part of these regulations stipulate that the advertising of initial coin offerings (ICO’s) and binary options will still be banned and moreover, before companies are allowed to advertise they must apply to be added onto a list of approved accounts.
According to a post by Rob Leathern, the Product Management Director at Facebook:
“Starting June 26, 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.”
“Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business. Given these restrictions, not everyone who wants to advertise will be able to do so. But we’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time.”
You can see the full post for yourself, here-
This is really promising (especially for companies such as ourselves). Moreover, it does align with Facebook’s plan to protect customers from scams and not entirely censor the industry overall, so, it’s something we are pretty excited about.
This is giving crypto-companies the power to use Facebook as a platform to launch their own businesses and of course, will allow Facebook to become a hub for honest and legitimate cryptocurrency advertising, something which no doubt, they have realised they are going to be able to make an awful lot of money from.
There you have it. If you see a crypto-advert on Facebook over the next few weeks, don’t worry, you’ve not picked up some adware, it’s legit and its back! Rejoice!