Facebook to Reverse Ban on Crypto Ads

Earlier this year, Facebook along with other major social media sites banned all cryptocurrency-related ads on their platforms.

Announced on June 26, 2018, Facebook is updating its advertising policy and allowing the promotion of select cryptocurrency products and services.

In January 2017, Facebook led a series of cryptocurrency ad bans that prevented the marketing of ICOs and cryptocurrency products and businesses on Google, Twitter, and Snapchat.

With institutional interest and developing regulation on the rise, the social media mogul has recognized cryptocurrency legitimization and is reversing its international ban on crypto ads for pre-approved advertisers.

"In the last few months, we've looked at the best way to refine this policy - to allow some ads while also working to ensure that they're safe. So starting June 26, we'll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers."

Through a new screening process, Facebook will assess advertisers' eligibility based on public company information, relevant licenses, and exchange listings to prevent future scams and deceptive marketing on the platform.

Although cryptocurrency-related products and services will be allowed on Facebook, the promotion of ICOs and binary options is still prohibited.

In early May, Facebook launched an experimental blockchain initiative led by former head of Facebook Messenger and Coinbase board member, David Marcus.

The blockchain group gathered a small team of lead engineers from Instagram and other Facebook divisions to find decentralized solutions to data privacy issues.

With this industry-forward update on advertising policy, it remains unknown whether other sites, such as Twitter and Google, will follow suit and reverse their bans on crypto ads.