In a rare positive development, Facebook has finally softened its policy on the cryptocurrency and blockchain related advertisements. The social giant had blocked all such ads from its platform for more than a year. However, Facebook has finally removed some restrictions and have once again allowed crypto and blockchain ads.
What’s allowed and what’s not?
On Wednesday, Facebook asserted in an updated policy statement that an advert will not be required to get the prior written approval in case it involves blockchain technology, educational content or event related to cryptocurrency or, for that matter, industry news. However, Facebook will continue to impose ban on ads related to token sales or initial coin offerings (ICOs). According to Facebook, ICOs and token sales still come under a list of prohibited products.
Any advert which will promote cryptocurrency and other such products like crypto exchanges and mining software and hardware, will still have to go through a thorough review process in order to go live on Facebook and to secure its permission.
In a statement, Facebook said:
“This process will continue to take into account licenses they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public background on their business”
Mixed rivalry of Facebook and cryptos
As of 31st March 2019, Facebook has colossal 2.38 billion active users on a monthly basis. In January 2018, the social giant banned all the adverts which involved bitcoin and ICOs. However, later in June 2018, Facebook lifted some restrictions and enabled certain companies to place their ads with prior permission.
Recently, Facebook has moderated its policy since there are reports that Facebook is already seeking for a billion dollar venture capital for its own crypto project.