Author: Gan Jia Ci
The social media giant has recently announced that it will be amending the ban on cryptocurrency advertisements on the site.
Rather than removing the ban altogether, Facebook emphasised that it is only revising the policy. Advertising for binary options and Initial Coin offerings (ICOs) are still prohibited.
On Tuesday, Facebook published a post and declared,
“In the last few months, we’ve looked at the best way to refine this policy — 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.”
Any advertiser who wishes to run cryptocurrency-related advertisements is required to submit a request form that allows Facebook to “access their eligibility”. This includes any form of licenses obtained in the past and other appropriate public background information on their business.
Product Management Director Rob Leathern explained in the post, “Given these restrictions, not everyone who wants to advertise will be able to do so. 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.”
The recent news has already gotten acclamation from critics, especially those involved in public relations within the cryptocurrency space.
The founder of Ditto PR, Trey Ditto, defined the ban revision as “the first step in allowing credible blockchain projects, crypto companies and ICOs to get in front of new potential customers and investors.”
Ditto went on to add, “This will be a big boost for Facebook advertising revenue as the majority of projects out there are interested – and have the money – to run paid ads.”
Meanwhile, other social media giants including Twitter and Google have yet to reveal any plans on relaxing cryptocurrency advertisement bans.