Facebook’s ban on cryptocurrency advertisements at the end of January 2018 took the crypto world a few steps back. Cryptocurrency enthusiasts will be smiling widely today as Facebook has realized the importance of the technology and reversed the ban after six months.
The blog post on Facebook’s official Business website written by Rob Leathern, Facebook’s Product manager, read-
“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.”
It is clear that advertisements from pre-approved cryptocurrency businesses will be allowed which will enhance the trust between investors and these companies.
However, due to history Initial Coin Offerings (ICO’s) and Binary Options will still be prohibited from Facebook advertising.
In the new guidelines, an application needs to be filled by the business with appropriate details such as licenses, public stock exchange information and public background documents if possible.
The blog post also highlighted the future of cryptocurrency advertisements on the popular social media website-
“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.”
The reason for Facebook’s reversal is still not clear. There are signs of Facebook implementing Blockchain technology with news in April about David Marcus, former Facebook messenger executive leading a Blockchain team for Facebook.
Another reason may be the lost opportunities and revenue from advertisements generated from the highly sought after blockchain and cryptocurrency industry.
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