Today, Facebook announced their policy change on cryptocurrency advertising on their platform. After banning all cryptocurrency advertisements after starting the ban in January of 2018. Under the new policy, it’s only the promotion of ICO’s which remains in effect.
Facebook’s new advertising policy reads:
“Starting June 26, we’ll […] allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”
The policy change requires advertisers of cryptocurrency products and services to submit an application to allow Facebook to assess their eligibility (and legitimacy). The application instructs advertisers to include “any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.”
With the policy change, Facebook admitted that “not everyone who wants to advertise will be able to do so.”
If Facebook were to introduce a new cryptocurrency, perhaps in replacement of their current Facebook payment system, this would allow them to squash competitors advertising campaigns and have a monopoly on their internal and external advertising network.
The policy states a few other things, such as that the company will listen to feedback and “if necessary’ make revisions. It also states that they will continue to “study” the technology behind cryptocurrencies as it continues to unfold.
Facebook’s introduction of the ban in January 2018 was designed to prevent, “ads that promote products and services that are frequently associated with misleading or deceptive promotional practices.” During this time, Facebook stressed that their initial policy was “unintentionally broad,” to give the company time to create systems and protocols around advertising in the rapidly growing cryptocurrency and blockchain industry.
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