Facebook Lifts its Ban on Cryptocurrency Advertising
After banning digital currency and initial coin offering (ICO) advertisements in January 2018, Facebook suddenly announced that advertisement promoting digital currencies and related content will be allowed with immediate effect.
In January, Facebook outlined the ban stating that “this policy is intentionally broad while we work to better detect deceptive and misleading advertising practices… We will revisit this policy and how we enforce it as our signals improve.”
Facebook has been assessing how best to refine the policy to allow some safer adverts. As of June 26th, 2018, Facebook will allow “ads that promote cryptocurrency and related content from pre-approved advertisers.” Advertisements that promote initial coin offerings will still be prohibited.
New rules of eligibility to advertise
According to the announcement by Facebook’s Product Management Director, Rob Leathern, digital currency and related content advertisers will be required to submit an application in order for Facebook to assess eligibility. The social media giant will look at the advertiser’s licenses, whether it is traded on a public stock exchange, and any other “public background” on the business.
Facebook recognizes that “given these restrictions, not everyone who wants to advertise will be able to do so,” but it will “listen to feedback, look at how well this policy works and continue to study this technology.” Facebook said it will make necessary revisions over time.
The platform is keen to prevent or remove “misleading advertising” for digital currencies and related products and services and asks users to report such content.
The surprise move by Facebook comes after months of heavy criticism over its sharing of user information and after May actions to reaffirm privacy policies and terms and conditions with users.
It could be that Facebook steals a sudden advantage in gaining the advertising spending of many digital currency exchanges waiting for such an opportunity to reach more social media users and potential investors.
A potential signal of better times to come
When it comes to the digital currency industry, a lot can happen. Many organizations worked to ban or limit cryptocurrency, and not just in the advertising space. Many banks also banned cryptocurrency purchases in both Canada and the United States.
This recent movement by the tech giant shows that actions can be reversed, offering a glimpse of hope for many people in the space who wondered whether large organizations would try to freeze cryptocurrency out.
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