Facebook is reversing its ban on cryptocurrency advertisements and will now allow some pre-approved advertisers to promote crypto businesses and services, like exchanges.
Facebook banned all crypto ads on the service back in January, around the height of the bitcoin price surge, to prevent people from promoting “financial products and services frequently associated with misleading or deceptive promotional practices.”
About the ban policy, Facebook Bussiness writes:
“In the last few months, we’ve looked at the best way to refine this policy — to allow some ads while also working to ensure that they’re safe. So 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.”
In the new move, advertisers that are approved by Facebook through an application process (which can be viewed here) can promote crypto products.
While many saw the advertising ban as unfair, some blockchain startups welcomed it, arguing that it largely served to weed out bad actors in the space, rather than punish legitimate organizations. Arran Stewart, co-owner of Job.com, a recruiting platform that utilizes blockchain technology, said.
“The only people who are going to be worried are the people who don’t have good intentions. if you allow these bad apples to remain, you lose consumer confidence from the masses.”
But crypto still has a lot of believers, and it easy to see why FB wants to sell crypto ads: It’s a growing, exciting industry with a lot of potential advertisers. So long as Facebook’s users aren’t getting scammed, the company would certainly love to take on the extra ad revenue.
The company had also tapped a Coinbase board member to run their blockchain initiate. Facebook has yet to launch any blockchain or cryptocurrency technologies publicly, however.
Read More: Facebook Messenger Boss David Marcus To Bring Blockchain to Facebook
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
