Facebook Reverses Cryptocurrency Advertisement Ban
In the announcement, Facebook states that starting on June 26, the company will allow ads that promote “cryptocurrency and related content from pre-approved advertisers,” but still plans on prohibiting initial coin offering (ICO) and binary option ads.
Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.
This is a major change of heart for the company, which previously described crypto ads as “frequently associated with misleading or deceptive promotional practices.” This language prompted a number of other tech giants, including Google (GOOGL), Snapchat (SNAP), Twitter (TWTR), and Microsoft (MSFT), to also implement a crypto ad ban.
Since making its initial ban announcement, Facebook launched an internal blockchain group and even indicated interest in creating its own cryptocurrency. Facebook also recently announced the addition of several live video features that allow users to include polls and quizzes within their live streams. It is also unclear whether this was a first step towards building a platform economy where it would leverage its own platform cryptocurrency.
There is no indication at this time whether the other tech companies will announce a similar backtracking of advertising policy.