Facebook relaxes ban on cryptocurrency-related ads
Expect cryptocurrency-related promotions to start popping up in your Facebook newsfeed soon.
On Tuesday, the social media giant announced that it has updated its policy relaxing the blanket ban on cryptocurrency advertisements. Effective June 26, “ads that promote cryptocurrency and related content from pre-approved advertisers” will be allowed on the site, Facebook Business said.
The update, however, doesn’t mean that Facebook is removing its cryptocurrency policy altogether. According to the company, advertising primary options and initial coin offerings (ICOs) are still banned from the site.
“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,” according to Facebook Business. The application process can be accessed here.
The announcement comes less than five months after Facebook declared the blanket ban on all crypto-related advertisements in January, as part of the company’s effort to curb scams and ill-informed investments as the cryptocurrency boom progressed.
The original ban covers anything that promotes cryptocurrencies, ICOs, and binary options. Under the blanket ban, a full cryptocurrency ad blackout was carried out not just on Facebook, but also on Instagram and all third party apps and websites monetized by ad revenue using Facebook’s Audience Network (FAN).
At the time, however, Facebook said it planned to revisit the intentionally broad policy and how it will enforce it. The change did come several months later, after the company said it has looked at the best way to refine the policy, which is “to allow some ads while also working to ensure that they’re safe.”
Still, not everyone who wants to advertise on the site will be able to, given that the updated policy still has restrictions, particularly on ICO promotions. Facebook, however, promised to “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.”
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