News has emerged of a U-turn of sorts on Facebook crypto ads.
The company has announced that it will be reversing its cryptocurrency ban with immediate effect, although there are a few requirements attached.
Ads and associated content will be accepted only from “pre-approved advisers,” and any ads promoting binary options and ICOs still won’t be allowed.
First brought into place in January 2018, the ban specifically targeted ads that promoted cryptocurrency, binary options, and ICOs.
Facebook categorized such advertising as being “frequently associated with misleading or deceptive practices,” as described by Facebook Product Management Director Rob Leathern.
The statement continued that while Facebook wanted people “to continue to discover and learn” about such products and services, “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
At the time of the Facebook crypto ads ban, Leathern admitted that the policy was quite broad, but claimed that was intentional, and that “over time” facebook would revisit the procedure and how to enforce it.
It appears that such a revision has taken place, and we’ve seen the policy modified.
Advertisers will have to go through an application process, which will determine their eligibility.
Information that will be required includes evidence of licenses acquired, their status as a publicly traded company, and other related facts as pertains to their business.
Exactly how Facebook plans to verify this information is unknown.
The company indicated that the new requirements will still keep some crypto advertisers from being able to promote their products, but stressed that the policy is still a work in progress and that it is subject to revision at any time.
“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,” commented Leathern.
Google followed the original decision by Facebook with a similar policy in March, citing the “unregulated” and “speculative” traits of many advertised products within the industry.
Many have pointed to Facebook’s decision being based more on lost ad revenue than any change of heart over the crypto space, but most would agree that a compromise of this nature is a step forward.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.