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Facebook Further Eases Restrictions on Crypto Ad Policy

Facebook Further Eases Restrictions on Crypto Ad Policy

Social media giant Facebook is once again easing its outright ban on ads pertaining to cryptocurrency and blockchain technology. As per the latest update to its advertising policy, businesses can promote crypto industry-related news, blockchain tech, and events without receiving prior written approval. Why is Facebook now warming up to the crypto space?

Also read: Binance Hacked, Suspends all Withdrawals After 7,074 BTC Leaves Hot Wallet

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180-Degree Shift on Blockchain Ads

According to the latest announcements, Facebook has tweaked its ad policies for financial services and products, relaxing a number of inequitable restrictions it had imposed last year on blockchain related ads.    

Starting today, businesses can advertise blockchain tech products and services without securing any prior written approval from Facebook. Also, ads promoting crypto-related educational content, industry news, and events can be run without obtaining prior authorization.       

In a blog post, Facebook stated:

“While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”

Meanwhile, Facebook’s stance on ads related to Initial Coin Offerings (ICOs) and cryptocurrency remains unchanged.

Last year in June, the social media heavyweight loosened some of its prohibitions by allowing companies to post crypto ads — but only after obtaining written approval.

The rule remains intact, as companies willing to run cryptocurrency ads that involve cryptocurrency exchanges and mining software are still required to register as pre-approved advertisers. As for ICOs, the social media giant will continue to prohibit any promotion related to such offerings.

Facebook cryptocurrency ban

Facebook Warming Towards Cryptocurrency

On a positive note, the announcement highlights a major U-turn from last year’s blanket ban on crypto and blockchain related ads. That ban was implemented citing Facebook users falling prey to fraudulent ad practices. But the total ban was unfair on companies that promoted legitimate blockchain technology businesses.

CNBC reported that blockchain startup Bloom suffered heavy financial loss due to Facebook’s sudden and unfair ban.

In reference to Facebook’s latest ad policy update, Shannon Wu, founding team member of Bloom, stated: “It’s good to see them (hopefully) evolve their stance on new technology that puts users in control of their data,”

Interestingly, Facebook’s change of mind on blockchain technology comes amidst its plan to launch its own stablecoin. The California-based social media powerhouse is reportedly intensifying its own blockchain efforts and seeking to raise over a billion dollars for a new blockchain project. The secretive project is said to permit WhatsApp users to transfer money globally.

Just a day back, Facebook apparently registered the “Libra” trademark for its crypto project.  

Could Facebook turn into a blockchain powerhouse company? Share your views in the comments section. 

Images via Pixabay

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