Facebook allows cryptocurrency ads but upholds ban on ICO.
On Tuesday, June 26, the largest social network Facebook announced the revision of the total ban on cryptocurrency ads. So, previously approved advertisers will be able to post content about cryptocurrencies and related topics, except ICO.
Facebook Allows Cryptocurrency Ads
In Facebook blog post product management director Rob Leathern explains that advertisers wanting to run cryptocurrency and services ads must submit an application for an eligibility assessment to be conducted.
“In the last few months, we’ve looked at the best way to refine this policy — to allow some ads while also working to ensure that they’re safe. So starting June 26, we’ll be updating our policy to 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?”
To obtain permission to publish crypto related products and services, advertisers must provide Facebook with data on licenses, listing on crypto exchanges and any important public information about their business. Facebook will make decisions based on the data received from advertisers, however, as the company already warned in the blog, not every ad will be allowed.
In January 2018, the ban on crypto and ICO ads was introduced for the first time. Facebook explained that too many companies in the crypto industry were scams and “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith”. But now it looks like Facebook is losing too much ad revenue and wants to unban crypto ads.
Other Media Giants Who Banned Crypto and ICO Ads
Facebook is no the only one company who banned crypto and ICO ads.
Google also introduced the similar ban a month later Facebook. The company has also revised its ads policy this month to be more permissive with crypto ads. Obviously, the market is on the way to become more mainstream and moneymaking.
Twitter and Snap have also introduced new ads policies and prohibited some types of crypto ads. Twitter only publishes exchanges and wallets ads of publicly traded companies. Snap allows crypto ads but bans ICOs.
It is too hard to say when cryptocurrency industry will be free of scam projects and bans. The only one thing is clear today that this new industry is changing a lot day by day. Most of experts are sure that by the end of this year crypto industry will become mainstream than ever.