Facebook Steps Back On Blanket Crypto Ad Ban
On June 26, 2018, Facebook announced it’s reversing its full-scale crypto ad ban effective immediately. Back in January Facebook banned all crypto ads on its platform citing that it wanted to deter people from advertising “financial products and services frequently associated with misleading or deceptive promotional practices.”
Facebook is now allowing ads and related content from advertisers who go through their application process. Ads promoting binary options, and initial coin offerings are still banned, but other crypto-related services such as exchanges, and wallets will be allowed if approved.
Those involved in the cryptocurrency community were not happy with the blanket ban that was enacted in January, many stating that it set back the efforts of many legitimate businesses, and stifled the advancement of a rising technology. Facebook’s blanket ban was followed by Google and Twitter, with Twitter now allowing ads for exchanges and wallets.
It remains to be seen if the ban on initial coin offerings will be lifted or revised in a way to allow for legitimate products. There is no denying that ICO scams were abundant in the industry, but since before the ban and now there are plenty of great products and services that have arisen out of ICOs. Much of the confusion surrounding ICOs has been lifted since regulators have become more vocal on securities laws.
Only time will tell if Facebook, Google, and Twitter will allow for all crypto-related services to go through their application processes, but for now, many crypto-enthusiasts will agree that this is a step in the right direction.