Facebook have announced today (June 26th 2018) that they have relaxed their ban on cryptocurrency advertising. The social media giant will now allow “some” ads, but those wishing to do so must first seek approval through an application process. In the blog post, Facebook stated:
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. Given these restrictions, not everyone who wants to advertise will be able to do so. But we’ll 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.
Only a Slight Relaxation
Given that Facebook are still very much under scrutiny after the Cambridge Analytica scandal, this relaxation will only be very slight. It is unlikely that gaining approval will be easy, with a number of companies likely to miss out because they aren’t suitably registered, or noteworthy enough. The hard line still remains on binary options and ICOs too, with advertising on these products still completely banned – something that is unlikely to change until major governments rule either way on the regulation – and eligibility – of such speculative and controversial products.
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