Facebook (FB) Warms up to Crypto Ads as It Prepares to Launch Its Own Coin
According to a blog post, Facebook is following up on a previous decision to make companies whitelist prior to posting advertisements related to blockchain technology and other crypto-related information.
“Last June, we updated our advertising policies to require prior written approval to advertise cryptocurrency products and services on Facebook,” stated Facebook. “Since then, we’ve listened to feedback and assessed the policy’s effectiveness. While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”
The June update was itself a roll-back of a previous decision that completely barred cryptocurrency-related advertising from Facebook’s various platforms.
While the latest concession definitely opens up the ad market, Facebook notes that it will continue its ban on ICOs and starting June 5, will add contracts for difference (CFDs), which are complex financial derivative products that are often associated with predatory behavior.
This news coincides with major updates related to Facebook’s own cryptocurrency and payment platform developments. Most recently, it was revealed that the company is developing a stablecoin-based payment platform, which is internally known as “Libra.”
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.