Facebook Eases Ban on Crypto Ads

Create an Ad on facebook app on screen close-up

Social media giant Facebook still doesn’t allow advertising for ICOs or Binaries and ads for cryptocurrencies and exchanges need prior approval. But it seems Facebook is gradually softening its stance on crypto ad bans. The social media giant said it would no longer require written approval from advertisers of blockchain technology and crypto businesses before they can advertise their products on its platform. The updated policy “no longer require[s] pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”

The company states the goal of its stringent ad policy is a commitment “…to preventing misleading advertising on our platforms, especially in the area of financial products and services. Because of this, people who want to promote cryptocurrency and closely related products like cryptocurrency exchanges and mining software and hardware, will still have to go through a review process.”

The announcement did not specify the reason behind the company’s U-turn and numerous industry insiders find this update suspicious and potentially self-serving. The news comes as more news on Facebook’s own blockchain group trickles out. Over the past couple of months, multiple reports have reported that the social media giant is working on launching a Dollar-backed stablecoin, dubbed the “FB Coin,” to help facilitate transfers between apps such as- Messenger, WhatsApp, and Instagram.