Facebook is now opening its doors to cryptocurrency ads where companies and their related products can advertise on the platform.
This decision was made this week after changing their mind about banning such ads last January. The ban was introduced by the company due to being associated with “misleading or deceptive promotional practices”. However, as from yesterday 26th June the company will only allow cryptocurrency advertisers who are pre-approved by Facebook. Although, binary options and initial coins offerings are still banned.
Advertisers who want to use the platform to run ads about their products and services will need to submit an application in order to be eligible. They would also need to submit any licenses owned, whether they are traded on public background on their businesses or public stock exchange. Due to these limitations, not everyone who wants to advertise on the site will be successful.
Twitter, Google and Facebook all banned cryptocurrency ads. However, Facebook has been the first one to allow back such ads. This could be as a result of the industry’s massive growth worldwide and its potential advertisers, which can be understood why the site wants to sell crypto ads.
The reason behind why some particular financial products and services are still banned is that this new policy had been “intentionally broad”. With the idea of Facebook having more time to assess how advertisers used such ads in a misleading and deceptive way to publicise their products such as initial coin offerings and binary options.
Also, it seems now that Facebook has launched a team dedicated to developing blockchain technology and that the company was working on creating its own cryptocurrency according to a report by Cheddar, an online news site last May.
Facebook will continue to work on this policy and be open for further policy changes to make sure the ads are safe and compliant. Since the scandal the company went through with Cambridge Analytica, Facebook has been perfecting its ad-targeting capabilities. Last week the company changed its weapon accessory ad policy to users 18 years and older.
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