Facebook Ends Total Ban on Cryptocurrency AdsJune 29, 2018 8:00 pm
The Motley Fool reported on Friday Facebook has decided to reverse its ban on cryptocurrency ads put in place earlier this year, even though advertisers will still have to be pre-approved and any ads related to initial coin offerings or binary options are still not allowed.
The company published a blog post this week which described the changes to the original ban, which it said was put in place at a time when cryptocurrencies were booming in price and popularity, but that sudden market was rife with fraud and scams.
At that time, banning the ads made since many Americans didn’t fully understand cryptocurrencies.
Cobinhood, a cryptocurrency service platform, released survey in January which said only 56% of respondents knew cryptocurrencies were digital decentralized currencies and even less knew where to purchase them at 21%.
Facebook was joined by Google, Twitter, and Snapchat, which all had similar cryptocurrency ad ban,
Since then, Bitcoin has fallen under $6,000 after reaching almost $20,000 in December 2017.
Facebook’s first policy was oriented to “all financial products and services frequently associated with misleading or deceptive promotional practices,” but that led to legitimate businesses being banned from buying ads.
The new policy now allows advertisers to fill out an application which would include information on licensing and if their cryptocurrency is publicly traded in order to help Facebook evaluators determine their eligibility to place ads.
“Given these restrictions, not everyone who wants to advertise will be able to do so,” Facebook product manager Rob Leathern wrote in the company’s blog post. “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.”
Another crypto-reversal for Facebook came in May when the social media giant announced it was forming a new experimental blockchain group, led by former Messenger App executive David Marcus to help focus on developing the technology that powers cryptocurrencies.
–WN.com, Maureen Foody