Facebook announced this week that it is reversing its cryptocurrency advertisement ban.
According to a new blog post on Facebook’s business website, the silicon valley giant is reversing its ban on cryptocurrency advertisements. In February, the company banned cryptocurrency advertisements in response to a large number of scams that were utilizing Facebook’s ad platform. As a result of the policy, no cryptocurrency-related ads were permitted on the platform.
“We’ve created a new policy that prohibits ads 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,” Facebook wrote in a blog post.
Now, cryptocurrency products and services can be advertised on the platform — but only after they go through an application process. Facebook will assess the eligibility of each company that applies for permission to run cryptocurrency ads on the platform. This is in an effort to ensure that Facebook users are protected from scams in the relatively new cryptocurrency space.
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.
Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business. 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.