Facebook has decided to go back on its decision to ban cryptocurrency-related ads from the platform. The original ban came earlier this year, in January, due to a large amount of fraudulent advertising. Now, the ads will return, but only those belonging to pre-checked firms.
Crypto ads return to Facebook
Back in January 2018, one of the biggest social platforms, Facebook, decided not to allow cryptocurrency-related businesses to post ads. The ban came after the platform noticed that the increase in the value of cryptos has started inspiring a lot more people to join the crypto world. This by itself is not harmful, but the increase in crypto prices also inspired many to start offering fake services and trick the new, unsuspecting investors.
Facebook decided that these deceptive and misleading ads are not tolerable, and has, thus, banned all crypto-related advertising material. Now, the company came to a new solution to the problem, and the ads can finally return, like the platform promised at the time.
As part of their increase in security, those wishing to advertise crypto-related services will have to submit a special kind of application. The application will also have to contain proper licenses, as well as various documents that prove that the firms actually have a legitimate business background. The documentation will then be reviewed and checked by Facebook’s staff, which will then approve or deny the companies from posting ads on the platform.
Facebook is not the only social platform to have done this, and many have recognized the dangers that their users can face due to these fake ads. Only a few months after Facebook introduced its ban, Google did the same. Twitter and Snap decided that they need to improve their ad policies as well.
The decision to allow ads back to the platform will not include all ads, however. According to Facebook’s new policy, ads on ICOs and binary options still won’t be accepted by the platform. Apart from these two, all other aspects of the crypto world will once again be advertised as long as their documentation checks out.
Despite this, Facebook’s team has encouraged users to report all inappropriate ads that they might encounter. This might mean that not all ads will be checked, only the companies that wish to post them. For the time being, Facebook’s team will listen to the customer feedback, and make new decisions accordingly.
Blockchain and cryptos: potential & speculation
The decision to return ads to Facebook is not that surprising, considering that the growing popularity and interest in cryptos will allow the platform to profit from the ad revenue. Not only that, but the company also seems to have developed an interest in the blockchain technology as well. In fact, according to some reports, Facebook has even prepared an entire team led by David Marcus, dedicated to studying blockchain, and proposing ways that it can be used for bettering the platform.
Some reports even claimed that Facebook might develop its own cryptocurrency in the future and that it might be used for microtransactions, such as those involving gaming. No official statements on this have been released, and for now, it all comes down for speculation by the crypto community.
Additional rumors say that Facebook’s interest in cryptos has grown so large that the company might even try to acquire Coinbase. Neither Facebook nor Coinbase commented on this, but the speculators believe that doing something like this would be extremely beneficial to both companies.
Coinbase is currently serving around 10 million customers, but the number of Facebook’s users exceeds 2 billion. This means that any crypto that Facebook might choose to introduce in the future will have an unimaginable reach than any other currency, traditional or crypto. Still, until some major issues have been resolved, mainly the question of centralization vs decentralization, it is not likely that Facebook or any other large social platform might make this step.
For exchanges, ICO’s & casinos there is an alternative, a crypto advertising network called Coinzilla, that can provide banner ads and native ads on over 400 crypto related websites.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
Is Bex500 an alternative to BitMEX?
EOS now available on eToroX exchange
How Bitcoin Has Changed Online Gaming
Featured news2 weeks ago
How Tax Agencies Are Going After Crypto Traders
Bitcoin1 week ago
The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry
Trade1 week ago
Trusted third parties should issue stablecoins, not Facebook
Trade1 week ago
Not-For-Profit GoodDollar Secures Funding For 2020 As UBI Project Celebrates First Birthday
Bitcoin2 weeks ago
Will Bakkt Push Bitcoin into the Mainstream?
Hot Updates2 weeks ago
The Best Thing to Share with Your Family on Thanksgiving
Featured news2 weeks ago
Five Strategies for Lowering Your Crypto Taxes
Trade4 days ago
EOS now available on eToroX exchange