In a surprising move, Facebook reverses its earlier stance on cryptocurrency and now allows some cryptocurrency-related ads to work on the social network.
In January 2018, Facebook started rejecting ads related to cryptocurrencies, initial coin offerings, and binary options. In a statement, Facebook said such ads are often associated with misleading or deceptive promotional practices.
It can be remembered that it was in January 2018 when a number of cryptocurrencies have reached their all-time highs. The highly organized crypto scam – Bitconnect – was also on its last legs at that time.
When the platform started the ban, it locked everyone, including legitimate businesses.
During the ban period, Facebook said it studied this policy to allow some ads from legitimate businesses to work.
All advertisers who wish to run cryptocurrency-related ads must submit an application to assess the advertisers’ eligibility. The platform allows advertisers to submit any relevant materials, such as a company’s “license to operate” document.
Still, Facebook said it is still not allowing initial coin offerings and binary option ads to run on the platform. The company also said that it will continue to work for any possible revisions to be applied to this policy over time.
Not only Facebook, but Google and Twitter also banned cryptocurrency-related ads in their advertising networks.