Facebook, the social media giant, announced yesterday that it was easing its ban on cryptocurrency related adverts.
In January, Facebook banned ads promoting “financial products frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency”. Yesterday, Rob Leathern, product management director at Facebook, said in a blog post that the company would now allow some firms to publish crypto-related advertising on the platform. Leathern indicated that the change came as a result of Facebook’s efforts to improve its policy.
“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,” Leathern wrote. “So starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers.” However, he added that the company would continue to prohibit ads for binary options and ICOs.
Companies wanting to advertise on the platform would need to submit an application that will allow Facebook to “assess their eligibility”.
“Given these restrictions, not everyone who wants to advertise will be able to do so,” Leathern wrote. However, he also indicated that more revisions are potentially coming in the future. “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.”
Facebook was the first big tech company that banned crypto-related advertising on its platform. Other big online platforms, including Google, Facebook and Twitter announced similar moves in the coming months. Along with increased scrutiny from regulators around the world and growing concerns over the security provided by crypto exchanges, these bans have contributed to the huge price slump the digital currency market has seen in the first half of the year.