Facebook has updated its policy and announced that it is revising its ban on all cryptocurrency ads.
The American social network put in place a complete ban for crypto advertisements during January 2018. The ban was designed to “prevent ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices.”
At the time, Facebook stressed that its initial policy was intentionally broad, while the company was working to better detect deceptive and misleading advertising practices.
Now, as reported by Rob Leathern, Facebook Product Management Director, the company is revisiting their Prohibited Financial Products and Services Policy.
Facebook will allow some ads and they will work to ensure that they are safe. The prohibition remains in effect for binary options and ICOs ads.
However, there are some restrictions and not everyone who wants to advertise will be able to do so:
“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 backgrounds on their business.”
When the ban was first introduced at the beginning of the year, many started to believe that it was part of a bigger plan to push out competitors while Facebook was working on its own blockchain.
Even if there is no evidence to support this, one thing is sure: the company is studying the potential of this new technology.