Author: Jagdish Kumar, India
Barely after five months after banning cryptocurrency advertisement on its platform, World’s biggest social media platform, Facebook announced that it will allow some crypto advertisements.
This comes after Facebook received feedback from the clients that they want to run the advertisements as there were many legitimate crypto companies who wanted to advertise on the platform, but cannot due to strict rules.
Facebook product management director Rob Leathern said that it is taking steps to ease January 2018 policy banning financial products and services associated with cryptocurrency and decided to allow some ads while also working to ensure that they’re safe.
So starting June 26, we’ll be updating our policy to 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, Leathern added.
In January 2018, Facebook announced a broad policy that included Audience Network and Instagram platform, which prohibited advertisement that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.
We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith, the January note wrote.
Advertisers are required to submit an application to Facebook beforehand if they want to run ads for cryptocurrency products and services, so that Facebook can assess their eligibility, including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public backgrounds on their business. Under these restrictions, not everyone who wants to advertise will be able to do so, Facebook said.
But 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, Leathern wrote.
Last month, Facebook established a new experimental Blockchain group dedicated to the technology that powers cryptocurrencies like Bitcoin.
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