It has emerged that Facebook, the media giant, has reconsidered its stance on cryptocurrency ads and once again allows them. However, it still prohibits binary options and ICO ads.
Facebook just decided to ban cryptocurrencies back in January claiming that they are “frequently associated with misleading or deceptive promotional practices.” On Tuesday 26th of June, Facebook revealed a new set of guidelines for crypto-related ads saying “Please fill out the following information as it will help us determine if you’re eligible to advertise cryptocurrency and related products and services on Facebook family apps and services.”
Those who wish to advertise on FB must first submit an application. The page requires you to answer a number of questions which include providing information about your business and whether “you currently hold any required licenses or regulatory certification.”
Besides, you will also be asked to answer if your company is traded on any public stock exchanges. If the answer is positive, you will be then asked for more details. Facebook will continue its ban on ads tied to binary options and initial coin offerings (ICO).
The company’s product management director Rob Leathern further commented, “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.” He also encouraged others to “report content that violates our Advertising Policies by selecting “report ad” in the upper right-hand corner of any advertisement.”
It is noteworthy that Facebook has been focusing on cryptocurrencies and blockchain a lot lately and is even allegedly considering its own cryptocurrency, while David Marcus, the long-standing head of the Messenger app, is currently exploring how blockchain can improve Facebook.