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Facebook has backpedaled on its decision to ban all forms of cryptocurrency advertisements on its site, CNBC reports.
The all-encompassing ban had been announced in January, when the social media giant said it placed the restrictions to protect its users from being exposed to scams and other illicit activities involving cryptocurrencies.
It should be noted, however, that the restriction on initial coin offerings (ICO) still stands as scams in this niche still abound. Indeed, the U.S. Securities and Exchange Commission acquired a court order last month against the president of a startup that put up an ICO after he used social media to lure investors into investing in his fraudulent company.
Facebook initially said that it intended for the ban to be broad as it was still trying to draw a clear line between a legitimate crypto ad and a deceptive one. And this recent announcement is the company’s way of fine-tuning these restrictions.
“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,” Facebook said in its blog post. “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.”
This recently updated policy compels crypto advertisers to submit an application, and Facebook will then analyze the companies’ authenticity. However, product management director Rob Leathern clarified that not everyone who submits an application will be allowed to promote ads on the platform. Leathern also added that Facebook will continue to assess the feedback it receives and revise their policy “if necessary.”
Following Facebook’s blanket banning of crypto ads in January, Google, Twitter, and Snapchat also imposed restrictions of their own, citing similar reasons to Facebook. But with this newly revised policy, crypto enthusiasts are waiting to see if these companies will loosen their restrictive regulations on their respective platforms.
