Facebook Redefines Their Cryptocurrency Ad Ban

Back in January, Facebook announced their freshly crafted ban on all ads on the Facebook social network related to cryptocurrencies and ICOs.

January was marked as one of the best periods for cryptos, and certainly the best period for digital assets in the following year, given the fact that the majority of cryptocurrencies climbed to record prices.

The Facebook ban didn’t come as benevolent, especially since it followed Google announcing the ban on ICO ads as well, that way limiting the visibility of cryptos with cutting down on well-known marketing strategy tools – advertising on social media.

However, the blow caused by the Facebook ban didn’t stop blockchain technology and ICOs from further expanding while entering a very important stage in the objective of having digital assets and blockchain technology massively adopted. This led Facebook to redefine the terms of their ban.

Whichever the case, Facebook did announce the update on the cryptocurrency ad ban on Facebook.

Facebook Announces a Benevolent Update on the Crypto Ad Ban

Back in January Facebook announced that they will be banning all cryptocurrency related ads on Facebook starting from June of the following year.

The June has come, also bringing changes to the policy Facebook announced more than several months ago, revolving the ad ban for all cryptos.

Facebook announced back in January that they believe that the ban of all crypto related adds, including Bitcoin, represent an active and efficient tool for detecting scammers and preventing scams that include new scam coins, suspicious ICOs, and similar.

The Facebook company stated that they are preventing people from falling to misleading advertisements that are related to these financial products and which often offer “misleading promotional material”, which is the only reason why Facebook would ban any crypto-related ads, as stated by the company’s representatives.

Although Facebook representatives stated that the concern for the safety of their users is their only motive for banning crypto ads, the crypto community rebelled in the terms of believing that legal ICOs, at least those favored by the Securities and Exchange Commission (SEC) should be allowed to advertise on Facebook.

The impact of this ban went further from the Facebook platform because the initial ban also included crypto related ad ban on the company’s branches, such as Instagram where crypto assets were doomed to a massive NO as well.

However, the tables turned, and Facebook just announced the refinement of their crypto ad ban policy, stating that they have nothing against blockchain and, if anything they always tend to follow up with the latest technological trends, while also contributing to the overall development of technology.

That is how Facebook has announced that they will allow certain crypto-based business to advertise on the social network and the platform’s branches, however, there will be some requirements and rules that would need to be met in order for these advertisers to receive their right of promoting their crypto-based business.

The interested advertisers will have to apply for gaining the right for advertising on Facebook, where the approval will arrive after the management reviews the proposal.

Although the crypto exchange markets and certain crypto business would be able to apply in order to get an ad spot on Facebook, the company’s management stated that the ban still remains active for ICOs and binary options.

Although the management of this social media platform is still not showing signs of friendliness towards initial coin offerings, it is encouraging for the crypto community to witness the interest and support that Facebook has for blockchain technology, which is reflected in the fact that Facebook formed their own internal blockchain team several months ago with the idea to explore and test the possibilities of blockchain technology, that seems to be more and more exciting.

Although there have been some rumors stating that Mark Zuckerberg will be launching his own digital asset, it is more likely that Facebook will rather be working on extracting technical capabilities that blockchain technology is offering for another purpose rather than launching an ICO.

Whichever the case, many crypto-based businesses are most certainly delighted to hear that Facebook was ready for making a compromise when it comes to the earlier announced crypto ad ban, which Google, Snapchat, and Twitter also supported.

For the latest cryptocurrency news, join our Telegram!

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