Facebook has updated its policy to allow cryptocurrencies to once again be advertised, while upholding its ban on the promotion of initial coin offerings (ICOs), in an announcement published Tuesday, June 26.
Today’s announcement says the company has been looking into the best way of “refining” its blanket ban on cryptocurrency-related advertising “over the last few months,” in order to “allow some ads while also working to ensure that they’re safe.” Facebook’s revised “prohibited products and services policy” now states: “Starting June 26, we’ll […] 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.” The newly updated policy requires advertisers wanting to run ads for cryptocurrency products and services to submit an application to allow Facebook to assess their eligibility.
It also states it will continue to “study” the technology underpinning cryptocurrencies as it continues to develop its policy.
Facebook first introduced its ban in January 2018, which it said 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,” to allow the company time to hone measures to detect and prevent unscrupulous promoters.
Social media giant Facebook has officially relaxed its policy on prohibited financial products and services, now allowing Cryptocurrencies to be advertised on the platform if the advertisements do not contain information regarding Initial Coin Offerings (ICO’s) or binary options.
Facebook is easing its ban – sort of – on ads related to cryptocurrency. Facebook, however, won’t allow advertisements for initial coin offerings or binary options. For example, Facebook asks whether companies have the relevant licenses in order to operate, or if they are a publicly-listed company. Facebook has also published a legal addendum outlining its
Facebook has reversed its ban on cryptocurrency ads and will now permit pre-approved advertisers to promote crypto-related services on the social networking platform. Facebook Reverses Ad Ban Facebook will permit crypto-related businesses like exchanges to advertise, but will still prevent the associated (and somewhat controversial) crowdfunding method of initial coin offerings (ICOs) from being promoted.
Facebook has updated its policy to allow cryptocurrencies to once again be advertised, while upholding its ban on the promotion of ICOs and binary options
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