Facebook Reverses Ban on Cryptocurrency Ads

Facebook just announced that they’ll be reversing the January ban on cryptocurrency ads today, however ads related to initial coin offerings (ICOs) will need to be preapproved, according to their blog post on June 26.

Facebook originally banned all cryptocurrency ads back in January, when many cryptocurrencies were still at their peak, including Bitcoin. However, the unregulated space was spawning many new scams as well as corrupt ICOs which were stealing new investor’s capital.

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Upon Facebook’s ban, Google, Twitter, and Snapchat, followed suit initiating their own ban on the widely popular niche.

Facebook’s initial policy was aimed at financial products and services that contained misleading or deceptive promotional advertisements which even stopped legitimate businesses from purchasing advertisements on their platform.

Currently, advertisers can now fill out an application which should include licensing information as well as if the currency is publicly traded, in order to help Facebook determine their legitimacy. Facebook’s product manager, Rob Leathern, commented on the blog post stating “we’ll look at how well this policy works, listen to customer feedback, and continue to study this technology so that we can make the necessary adjustments and revise it over time”.

In related news, Facebook recently formed a new blockchain group led by David Marcus, the former Facebook messenger executive, in order to focus on the emerging technology.

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