In a blog post, social media giant Facebook made an announcement that it is removing its restrictions on ads related to blockchain technology and cryptocurrency. Prior to this, Facebook had only allowed a limited number of ads which had to be pre-approved to run crypto-related ads.
According to the blog:
“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.”
The social media giant also said that it will update its ‘Prohibited Financial Products and Services’ on June 5, to no longer allow ads promoting ‘contracts for difference’ which are complex financial products that are often associated with predatory behavior.
For advertisers to run ads, they need to make sure that the ad’s text, targeting, positioning, images and content on the landing page have to comply with Facebook’s updated policy, as well as with their advertising policies and community standards.
“For example, an ad that directs to a landing page that features a restricted product, such as a cryptocurrency exchange, will still require prior approval. Or, if the landing page includes a prohibited product, such as an initial coin offering (ICO), we will reject it.”
People who want to promote cryptocurrencies and closely related products, like mining software and hardware, will still have to go through a review process.
“This process will continue to take into account licences they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public background on their business.”
Facebook had initially announced a policy which outright banned cryptocurrency ads with the explanation that most of the ads were ‘misleading or deceptive’, to combat the explosion of dubious advertisements on its platform during the market boom in January 2018.
These developments also come after Mark Zuckerberg expressed a keen interest in blockchain technology and the crypto space.