After a year of Facebook restriction on cryptocurrency and ICO’s ads on its platform, now the social media giant has reversed back and softens its policy on Blockchain and crypto related ads.
Facebook announced in its recent blog post on Wednesday that they are rolling back its ban on advertisement of cryptocurrency and Blockchain that allows only a certain number of the pre-approved advertiser to run their advertisement on this platform. Facebook said in their declaration that “while we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to Blockchain technology, industry news, education or events related to cryptocurrency.”
In March 2018, many companies like Facebook and Google have announced a ban on cryptocurrency ads, claiming them to be “misleading and deceptive” however, the social giant further loosened their policy by allowing pre-approved advertisers with a license to run their ads on the platform.
However, it should be noted that though cryptocurrency ads will be permitted on the platform, advertisements related to ICOs are still restricted over Facebook. Whereas, other ads on products that linked themselves to the cryptocurrency world, like cryptocurrency exchanges, mining platforms (software and hardware) will require prior written approval to go live on Facebook.
As per the updated policy announced on 8 May, the global giant said: “this process will continue to take into account licenses they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public backgrounds on their business.”
Worldwide, Facebook reaches a massive 2.3 billion active users. The firm has reportedly worked on project the “Libra” which is a dynamic project by the firm aimed for the development of fiat backed digital currency to enable users to transfer money and make the online purchase. Facebook is also known to be in talks with dozens of financial firms and e-commerce giant including Visa and MasterCard to gain support for its stable coin project.