In a hopeful sign that social media giants may now be softening their positions on cryptocurrencies, Facebook has announced that it will be reopening the door to some crypto advertising.
Back in January Facebook declared that as “misleading or deceptive ads have no place on Facebook” it would prohibit all “financial products and services that are frequently associated with misleading or deceptive promotional practices” from advertising on the platform. Singled out for particular scorn were any products relating to cryptocurrency and ICOs.
The policy was described as “intentionally broad” to buy time while “we work to better detect deceptive and misleading advertising practices.” Once the company had a better handle on the problem it said it would “revisit this policy and how we enforce it as our signals improve.”
Ads Policy a Work in Progress
In a new blogpost published yesterday Facebook revealed that it had decided to revise its blanket ban approach. Though it would “continue to prohibit ads that promote binary options and initial coin offerings” the platform will allow certain cryptocurrency ads.
As of yesterday “we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers.” Anyone wanting to advertise a cryptocurrency or related product will have to apply to have their eligibility assessed. Relevant criteria will be any licenses obtained and “whether they are traded on a public stock exchange.”
As before, the policy is a work in progress and the company says it will “listen to feedback” and if necessary revise the policy in the future.
Facebook has long been rumoured to be working on its own cryptocurrency with CEO Mark Zuckerberg saying in his annual statement that he was interested in exploring the “positive and negative aspects of these technologies, and how best to use them in our services.”