Facebook Revises Its Policy For Reversal Of The Crypto Ads Ban

Social media giant Facebook has once again revised its policy structure in order to make way for the cryptocurrency advertisements to feature on its platform. Earlier this year, Facebook decided to ban all cryptocurrency and ICO-related ads due growing number of scam ads swaying users on its platform. In order to protect its users from falling prey to such fraudulent schemes, Facebook decided to pull them off its platform.

Now, after six months, the technology giant is now willing to ease its ban. On Tuesday, June 26, the company rolled-out its new policy update. In its official blog post, the company mentions that it has launched a "cryptocurrency products and services onboarding request" form which the cryptocurrency firms will have to fill mandatorily if they wish to feature their ads on Facebook.

The request form shows that Facebook wants to prior know regarding the type of services which the crypto firm wishes to advertise. Facebook will also fetch other information like whether a company has an official license to operate or that it is publicly listed. The technology giant has also released a legal addendum outlining its policy for digital currency advertisements.

In the blog post, Facebook’s product management director Rob Leathern says that the company is open to adopting new technologies and thus “it looked at the best way to refine this policy.” He further explains: “In the last few months, we’ve— 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.”

Leathern also hinted that if required, the company could further revise its policy in the future. He said: "Given these restrictions, not everyone who wants to advertise will be able to do so. But we'll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time."

Trey Ditto, founder of a crypto public relations firm applauded this move saying this is "the first step in allowing credible blockchain projects, crypto companies and ICOs to get in front of new potential customers and investors. This will be a big boost for Facebook advertising revenue as the majority of projects out there are interested – and have the money – to run paid ads.”

Following Facebook’s decision, Google and Twitter also had initiated similar bans on cryptocurrency advertisements. It would be interesting to see whether these two companies will again follow the suite and lose its ban.