Facebook Updates its Ad Policy : Non-ICO Ads Allowed
Recently Facebook lifted its ban on crypto-related ads realizing the growing interest in cryptocurrencies and also considering the fact that the revenue from crypto-related businesses is potentially huge. The initial ban was imposed on 30 January 2018.
Facebook updated its ads policy at the end of January 2018 in which it disallowed ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency. An explanation was given that they believe that misleading or deceptive ads have no place on Facebook.
As quoted by Facebook,
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network, and Instagram. We will revisit this policy and how we enforce it as our signals improve.”
But, on Tuesday Facebook’s Product Management Director, Rob Leathern said in one of the posts that it has revisited its ads policy and updated it again and as a result of this update it will now allow ads that promote cryptocurrency and related content from pre-approved advertisers while it will still disallow promotions from binary options and initial coin offerings.
Any business wishing to advertise crypto-related products and services must now prove that they are eligible by filling out a form called “Cryptocurrency Products and Services Onboarding Request” as well as providing proof of ownership of the domain(s) associated with this application.
Crypto industry is growing fast and getting very popular as well, Facebook’s partial reversal of its crypto ads ban now proves that crypto industries are getting too big to be ignored.
Therefore, it would be not too surprising if Facebook’s closest rival in the advertising business, Google, shortly decided to follow suit by at least partially reversing its own ban on crypto ads (which it introduced on 14 March 2018).
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