Facebook Reverses its Ban on Ads related to Cryptocurrency

Facebook has announced in a post that it’s reversing cryptocurrency ads ban. Although the advertisers have to be pre-approved and the ads related to Initial Coin Offerings and binary options are still prohibited.

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.

As Koinalert reported, Facebook put a complete ban on cryptocurrency related ads starting this year in January 2018 when there was a boom of ICO’s in the crypto market.

“Given these restrictions, not everyone who wants to advertise will be able to do so,” Facebook product manager Rob Leathern writes 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.”

Rob Leathern, Product Management Director writes:

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.