Facebook Announces Revised Ads Policy Related To Blockchain And Other Crypto Materials
Social media giant Facebook announced on May 8 that it is has lifted a number of restrictions it imposed when it banned all crypto-related adverts.
The policy change means that businesses can now display certain crypto-related ads without having to acquire prior approval.
The platform’s Facebook Business announced that the firm now allows adverts that touch on blockchain technology, industry news, crypto events, and related educational materials. Promoters and campaigners can roll out these adverts to the public without being approved.
The development comes at a time when Facebook had enacted a policy a year ago that put a ban on all cryptocurrency and blockchain adverts requiring them to obtain written consent prior to posting their adverts on Facebook.
However, the policy change does not apply to advertisements meant for specific cryptocurrencies, Initial Coin Offerings (ICO) and binary options. According to the press release, last year’s ban on these ads stands.
Facebook noted then that its measures were geared towards consumer protection, especially to cushion them from being misled by some of the clearly malicious adverts.
A review process will be undertaken for advertisers who may want to advertise specific products, which includes specific crypto exchanges, cryptocurrency or mining software.
Per the press release, the review process will include screening entities with regard to things like the licenses the firm has obtained, if it has traded before “on a public stock exchange,” or other related background checks.
Facebook’s move to prohibit all crypto and ICO-related advertisements in January last year got highly criticized within the crypto community, with many terming it an unnecessary decision that would work against technological innovation and development.
Critics included FUSION founder Dejun Qian, who noted at the time that while the ban would “definitely protect people” in the wake of increased scams, intentionally imposing a broad ban wasn’t going to help with wider efforts at promoting innovation in the emerging technology space.
Just days ago, Facebook purportedly acquired “Libra” trademark rights that should see the platform ramp up the work on its highly secretive crypto project. At the same time, the social media company is reported to be eyeing an investment worth $1 billion.
The huge investment is for the company to complete work on its native token that will reportedly be used on the social media platform as well as on Instagram and WhatsApp.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.