Facebook had earlier banned all the crypto and ICO ads on its platform, following the steps by Google, and the same step was also later taken by Twitter, making it all the three major platforms not allowing cryptocurrency or the Initial coin offerings to be promoted. The ban now is being reversed, according to a report on Recode.
The ban on the crypto ads was to prevent the promotion of “financial products and services frequently associated with misleading or deceptive promotional practices.”
Even now, it is only the Cryptocurrency and crypto products that will go through a stringent application process will be able to place ads to promote them on Facebook. The ads for binary options and ICOs are still banned and the status of that has not changed.
In order to get approved for the advertisements on Facebook, the advertisers will have to show Facebook “licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public backgrounds on their business”
The harsh decisions on advertisers was taken up by all the major platforms when Bitcoin and the entire Crypto market was on a boom a few months back, and while investors and newer entrants in the market were all ready to invest, there were shady businesses who tried to lure them with the ads and make them invest, only to their own advantage. Apart from Facebook, it was Google, Twitter, and Snapchat who took the same step of banning ads related to cryptocurrency.
What Facebook is looking to do is to give the advertisers a good chance to promote their services and crypto products, but only if they aren’t there to scam people. The cryptocurrency market is still growing and has to see better days ahead, given how they rely on the Blockchain technology, and Facebook is only getting stricter to ensure that the users get to invest in the right services.
There is an onboarding process that the Cryptocurrency services have to go through, and that can be done through here. The same page also mentions “As a reminder, initial coin offerings (ICOs) are prohibited under our Prohibited Financial Products and Services Policy.”