Earlier this year, the social media giant Facebook announced a ban on cryptocurrency ads on its platform. However, not less than six months later, news starts flooding regarding the ban being reversed by Facebook. The company says it will allow ads and related content from pre approved advisers but will still not allow ads promoting binary options and initial coin offerings. The company said its new policy would improve the integrity and security of our ads and make it harder for scammers to profit from a presence on Facebook.
Rob Leathern, Product Director at Facebook released a new blog post on Tuesday explaining Facebook’s decision to allow advertising of cryptocurrency services. We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception, he said. 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.
The news is a welcome sign for holders of virtual currency, who are navigating an increasingly complex and sometimes hostile terrain for the blockchain industry. According to reports, a vast majority of traffic recorded on cryptocurrency sites are generated organically and not through paid advertising.
Speaking about the revamped Facebook policy, advertisers now need to submit an online application for Facebook to assess their eligibility by scrutinising any licenses they have obtained, whether they are traded on a public stock exchange and other relevant public background on their business. However, not all cryptocurrency related services received a green signal. Binary options and initial coin offerings (ICOs) are still prohibited on Facebook. In May, the social networking giant launched a team dedicated to developing blockchain technology and the company is reportedly working on creating its own cryptocurrency.
Let’s see what’s in store for Facebook in future!
