Back in January, after a wave of scams hit the social network, Facebook applied a ban on all cryptocurrency-related ads, claiming that several companies in the industry weren’t “operating in good faith.” Specifically, this statement was referring to the scams see in the space, especially fraudulent ICOs and Ponzi schemes, like BitConnect, says Ethereum World News.
Facebook didn’t want to be linked with such a scheme, hence the announcement they made. Nevertheless, they announced that they will be revisiting the policy in the future and would change it, if necessary.
…and “the future” is now.
With their reversal ban for cryptocurrency ads, Facebook is looking forward to putting cryptocurrency companies back to its ad ecosystem. Still, this means that advertisers will be required to gain the platform’s approval before starting to promote their crypto products.
In this very moment, ads trying to promote binary options or ICOs are still banned, as Facebook is questioning their nature. On the other side, all ads that don’t fall into these restricted categories will be allowed into Facebook’s add application system, starting with today.
After submitting your ad, the social network will ask potential advertisers for detailed information, in order to decide if the cryptocurrency operation is a legitimate one.
“Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business,” the network said, in a blog post.
Will other companies follow their example?
In January, Google and Twitter followed Facebook’s example and introduced similar bans for cryptocurrency ads. Obviously, this was considered a negative sign for the cryptocurrency world, while others believed that it was the responsibility of these companies to make sure that their consumers are protected.
After the ban will be lifted, the system should allow legitimate cryptocurrency businesses, like exchanges or established services, to promote themselves and reach to broader audiences. As for other companies to lift it as well, we’re looking forward to seeing how this announcement will influence their decision.