In recent time,Facebook's ban on crytpocurrency has been a heat on advertisers especially those who write about cryptocurrency news.
Today, we are happy to announce that Facebook's policy on a ban of cryptocurrency has been reviewed.
Facebook policies have not been in favour of cryptocurrencies as cryptocurrency advert was ban but in a recent announcement by Facebook, the ban has been taking off, giving cryptocurrencies the ability to place an advert on Facebook but Facebook still upheld its ban on the promotion of initial coin offerings (ICOs). This development was announced on Tuesday 26th June.
The announcement by Facebook came on the strength that for the past few months, the company has been in search of the best way to refine its blanket ban on cryptocurrency-related advert so as to give access to some adverts while still working to ensure that the ones allowed are safe.
Facebook's revised "prohibited products and services policy" now states:
“Beginning June 26, we’ll [...] permit 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.”
According to the updated policy by Facebook, advertisers who want to run an advert for product and services related to cryptocurrencies will have to submit an application, giving Facebook the access to determine their eligibility. Part of the requirement from Facebook is that the advertisers should include any license they have obtained whether they are traded on a public stock exchange, and another relevant public background on their business.”
Facebook came up with these restrictions in the bid that not everyone who has the intentions to advertise will be able to. Facebook intends listening to feedbacks based on the new policy and if there is a need, there will be a revision of it. It also said that the company is still focused on continuing its study on the technology underpinning cryptocurrencies as it seeks to develop its policy.
The ban by Facebook was first introduced in January 2018, in a statement; it said the ban was designed to prevent “adverts that promote financial products and services that are frequently associated with misleading or deceptive promotional practices.”
At the time, Facebook stressed that its initial policy was “intentionally broad,” to allow the company time to hone measures to detect and prevent unscrupulous promoters.
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