We’ve known for a while that Facebook is into cryptocurrency and blockchain technology. However, in lieu of this, it seems the social media giant is looking to lighten up on its cryptocurrency bans as well. This will make it easier for companies to promote products that help users purchase cryptocurrency or participate in online trading.
A limited lift
According to businessinsider, Facebook revealed its intentions to loosen up the bans on some advertisements. Of course, there are some ads that will remain under the ban, while others will need pre-approval. But, regardless, social media participants are now able to launch ad campaigns. That is if they’re “related to blockchain technology, industry news, education or events related to cryptocurrency.”
This news comes to us after Facebook put a ban on all cryptocurrency ads in January of last year. Back then, the goal of the banning was to be rid of “financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
However, the timing here is quite perfect. We’re seeing rumors and other information regarding Facebook’s blockchain projects, meaning the group’s ban may have been pre-emptive.
Today, Bloomberg said that Facebook’s blockchain team is bringing on even more people. The news was according to an anonymous source. In addition, they said the project could be a type of crypto asset, and may even come next quarter. A lot of these members are ex-PayPal.
According to Facebook’s blog post, any ads will have to abide by the new advertising and community standards. One example it provides is that cryptocurrency trading sites will need pre-approval, while an initial coin offering will not be okay. Overall, the group’s goal:
“We’re committed 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. 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.”