Facebook scraps its 'crypto ads ban', pre-approval no longer required

08 May, 2019
by Joeri Cant
Breaking News
Facebook scraps its 'crypto ads ban', pre-approval no longer required

The social media giant, Facebook, announced today that it is no longer needed to require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.

Facebook updated their 'Ad Policies for Financial Services and Products', which means that ads related to blockchain technology, industry news, as well as education or events related to cryptocurrencies, can now be displayed on Facebook without prior approvals.

The announcement emphasizes that Facebook will continue to ban ads for initial coin offerings, due to their complexity, and due to the fact that they are often associated with predatory behavior, and often mislead people.

'We're committed to preventing misleading advertising on our platforms, especially in the area of financial products and services. Because of this, people who want to promote cryptocurrency and closely related products like cryptocurrency exchanges and mining software and hardware will still have to go through a review process.'

As previously reported by Chepicap, Facebook’s decision to ban cryptocurrency and ICO advertisements altogether in 2018 was criticized as unnecessary and bad for technological development.

At the time, one of Facebook's policy directors, Rob Leathern, said that the policy would be revisited once Facebook gained a better understanding of cryptocurrencies.

It should come as no surprise that Facebook now has a deep understanding of cryptocurrencies, as they are about to launch their own Facebook crypto coin. The fact that Facebook is now adjusting its ad policies most likely has everything to do with that.

Chepicap previously wrote that according to Ross Sandler, an internet analyst for the Wall Street firm, Barclays, the introduction of the 'Facebook cryptocurrency' could generate additional revenue of at least $19 billion for the social media giant.

'The company’s new cryptocurrency plan could potentially re-invigorate its business strategy', Sandler added. 'Something which is sorely needed at this stage of the company’s narrative.'

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