Facebook to Lift Ban on Cryptocurrency Advertising

Facebook Reverses cryptocurrency ad ban

Facebook banned crypto advertising on its platform back in January of this year. This was a blanket ban on all ads which were crypto-related and was deemed necessary to protect users from illegitimate promoters.

The decision caused controversy with many feeling it was an unfair move that meant business growth would be virtually impossible for new business ventures in the cryptosphere. 

In the ever-swaying battle for and against cryptocurrencies, it seemed that all the major social media platforms had gotten together like twittering school girls to leave cryptocurrencies out in the cold. Google, Facebook, Twitter, Instagram, and Bing, had all banned cryptocurrency advertising of any sort.

If Facebook is starting to ease on this though, will we see the others follow? Is the world starting to fall in love with cryptocurrencies again?

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Facebook Reverses Cryptocurrency Ad Ban – Whats Going On?

Today, June 26, Facebook updated its policy to allow cryptocurrencies and services such as exchanges to once again be advertised. however, it still maintains its position on ICO advertising. The promotion of initial coin offerings is still prohibited.

Facebook claims it was spending the last few months “refining” its ban on crypto-relative advertising to allow “some ads while also working to ensure that they’re safe.”

The new policy now means that advertisers wanting to run cryptocurrency ads will have to submit an application which Facebook will then assess in order to determine eligibility. Applicants must include “any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public backgrounds on their business.”

Facebook’s policy is still being developed and may be refined further in time “if necessary”. The company will listen to feedback and understands that not everyone will be happy as they still won’t meet all requirements of the submission necessities.

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Developments

As with most major companies, the underpinning technology of cryptocurrencies – blockchain technology- is continually being studied by Facebook as it updates its policies. It seems the company is tepidly moving back in favor of the digital coins and we might see a total lift of the ban in the months to come. 

Place your bets! Will Google be next to lift its ban? Share your thoughts below!

Featured Image: depositphotos.com/RedKoala

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