On Tuesday, June 26, Facebook, after banning cryptocurrency advertisements in early January, has revised their Financial Products and Services Policy wherein cryptocurrency ads and related content will appear from pre approved advertisers.
However, it came out with few caveats. The advertisers wanting to run ads for cryptocurrency products and services must go through some vetting process and tender an application to assess their eligibility — which includes submitting the details of any licenses they have obtained, for example if they are a public traded company and other relevant background information that pertains to the advertisers business. Given these restrictions, not everyone who wants to advertise will be able to do so. Although Facebook lifts the ban on cryptocurrency, it did not lift the ban on binary options and initial coin offerings.
It is worth noting that Facebook banned cryptocurrency, binary options, ICOs to protect its users from deceptive ads and ponzi scams like BitConnect and Prodeum, a company that disappeared with investors’ money and heightened the negative reputation of cryptocurrency.
It remains to be seen whether Twitter, Google, and Snapchat will also relax their stances on banning cryptocurrency ad’s.Earlier, these companies had followed Facebook’s decision to ban crypto ad’s when the company cited the “unregulated” and “speculative” nature of many of the advertised products.
In the same announcement by Rob Leathern, Facebook Product Management Director, he reminded users that they should continue to flag ad content that violates its guidelines. Facebook will continue to revise its policies over time based on feedback.