Earlier this year, social media giant Facebook had banned all products and services related to cryptocurrencies with the intention to stop deceptive promotions, But yesterday, the company made an announcement on its policy updates to allow few crypto ads to promote on their platform.
However, the company still holds the ban on promotion of Initial Coin Offerings or binary options and as per revised policy,
“Starting June 26, we’ll […] allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”
Interested advertisers are expected to submit the application to Facebook, to verify the acceptance criteria and obtain the required license. Additionally, the applicants are instructed to include “any licenses they have obtained, whether they are traded on a public stock exchange, and another relevant public background on their business.”
This announcement is clear sign that not everyone who is willing to promote can do so, but the Facebook continues to study the technology behind cryptocurrency and may update the policy in future.
With the growing demand for crypto industry, it’s likely that Facebook would want to have its share of ad revenue and also we saw the company has formed blockchain team to study the technology behind cryptocurrency.
We surely hope that following this announcement other tech giants like Twitter, Google etc., who initially banned crypto ads might consider refining their policy and help the community grow.
So readers, what do you think of this policy change by Facebook? Share your thoughts in the comment below.