American online social media and social networking service, Facebook is reversing its ban on cryptocurrency advertisements. According to the blog post by By Rob Leathern, Product Management Director, Facebook will permit advertisers to promote crypto business and services, like exchanges.
Earlier this year Social networking giant Facebook banned all crypto related ads on the platform. The peak of Bitcoin surge and to prevent people from the promotion of “financial products and services frequently associated with misleading or deceptive promotional practices.” Facebook announced in January that the platform would stop permitting ads on crypto related and financial products and services. To discourage deceptive and misleading promotions, they introduced the ban.
Rob Leathern, wrote again n a blog post on Tuesday that the social media platform would begin allowing pre-approved advertisers to promote cryptocurrencies and some related content. According to the blog post, an application process will be carried out by Facebook. After facebook approves, advertisers can promote crypto products. But the ban is not reversed for ads promoting binary options and ICOs, initial coin offerings.
Blog post reads, “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 who are interested to advertise on the platform has to present “licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public backgrounds on their business.” To get permission to post crypto ads on the social media.
Blog post read, “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 social media platform’s stock was trading less than 1% higher Tuesday, while cryptocurrency prices were broadly lower.
In may, Facebook announced that they are launching their own cryptocurrency. According to Cheddar, Facebook is thinking about the benefits that it could have by introducing its own cryptocurrency.
Image via Shutterstock
Join our Telegram