After months of prohibited cryptocurrency and Initial Coin Offering advertisements on Facebook, the company takes a U turn and reverses some of the changes. Some things like binary options and Initial Coin Offerings will stay banned, but the prohibition on advertisements like cryptocurrency and cryptocurrency news will be lifted. Facebook is looking for the best ways to refine their policies and to revisit the existing ban on cryptocurrency advertisements. The company will aim for a secure and safe advertisement policy and user experience, but to also allow for decent projects the chance to promote themselves.
Facebook Crypto Ban takes a U turn
Facebook has updated their terms and policies again. Last time they banned all cryptocurrency and Initial Coin Offering advertisement on Facebook, but this time they are reversing some of the bans. Advertisement on Initial Coin Offerings will stay prohibited, but the rest of the prohibitions will be lifted.
The new prohibited products and services policy are now saying:
“Starting from June 26th, we will allow ads that promote cryptocurrency related content from pre-approved advertisers. But we will continue to prohibit advertisements that promote binary options and Initial Coin Offerings.”
The new and updated policies will require from advertisers that want to boost their posts or to advertise their cryptocurrency projects, to submit their applications for evaluation. Facebook will filter these applications and will allow only the eligible ones. All cryptocurrency advertisers will have to include licenses and relevant public background for their businesses.
From the social media giant were precise that not every project that wants to be advertised on Facebook will have the chance. Facebook will listen and act on feedback from the community and they will revise their policies again if it is necessary. Facebook stated that they will also study blockchain technology and cryptocurrencies, and also they will develop their policies, benefiting the users’ interests and user experience.
Things are warming up…
— Peter McCormack 🏴 (@WhatBitcoinDid) June 26, 2018
The Facebook Crypto Ban started in the beginning of 2018
The Facebook Crypto Ban was introduced by Facebook’s CEO, Mark Zuckerberg in January this year. The Facebook Crypto Ban’s purpose was to improve user experience and to decrease Facebook ads that promote deceptive and misleading promotions. The policy change aimed to cripple scamers, fake promoters and overall advertisements that were deceiving people to take their money. You can read more on the January Facebook Crypto ban in the link below.
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