Facebook to allow cryptocurrency ads but there are rules, see what they are
CAPE TOWN – Facebook announced that as of the 5th of June, it will allow certain cryptocurrency-related ads to be run without requiring pre-approval.
The company said in a statement: " Today, we're sharing a few updates to our advertising policies related to blockchain, cryptocurrency and financial products and services. Last June, we updated our advertising policies to require prior written approval to advertise cryptocurrency products and services on Facebook. Since then, we've listened to feedback and assessed the policy's effectiveness. 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."
“This process will continue to take into account licences they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public backgrounds on their business,” said Facebook.
In January 2018, the company had first announced that it would ban cryptocurrency ads because it felt that companies advertising binary options, initial coin offerings and cryptocurrencies on the platform are not operating in good faith.
However, the ban was then lifted in June 2018, stating in a blog post; “We will listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time."
Facebook noted that all ad's text, targeting, positioning, images and content on the landing page comply with its updated policy as well as with all of our Advertising Policies and Community Standards.
"We're committed to preventing misleading advertising on our platforms, especially in the area of financial products and services," said Facebook.
Written by: Gabriella Steyn.