Crypto exchange Coinbase has been whitelisted to post advertisements on Facebook in yet another win for crptocurrencies. The social media platform had banned advertisements about virtual currencies earlier this year.
Brian Armstrong, CEO of Coinbase, made the announcement on Twitter, adding that this positive development would introduce more people to an “open financial system.”
Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system ? pic.twitter.com/JqF5ssAqqh
— Brian Armstrong (@brian_armstrong) July 20, 2018
According to Facebook’s ads policy, released on January 30, advertisements about financial products that are associated with “misleading or deceptive promotional practices” such as ICOs and cryptocurrencies were not allowed on its platform.
The restriction was then revised last month, removing cryptocurrencies from its ban list. However, advertisements related to ICOs were still not permitted.
However, in order to post advertisements about digital currencies on the social media platform, advertisers still need to submit an application, along with any license or records of whether they have traded on a public stock exchange. A document about the company’s background record would also be required for the pre-approval.
Other internet firms ban crypto ads
Though Facebook was the first to ban such advertisements, other Internet giants were soon to follow.
Google had announced earlier that it was banning all cryptocurrency-related advertisements, highlighting that it had reached this decision as the company remains cautious around the admittedly volatile space.
Social media platform Twitter had also banned such advertisements. However, Twitter is currently facing increasing calls for shutting down fake accounts that spread false information related to virtual currencies.
A consortium of cryptocurrency stakeholders had called the platform’s stance on digital assets “inconsistent and ambiguous”, and said that Twitter was “hypocritical” for barring digital currency advertisers yet allowing false accounts to continue scamming users.
Image via Shutterstock
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