Facebook advertisers can once again run ads for cryptocurrency after the company reversed a ban that was put in place back in January.
When Facebook first announced its cryptocurrency ban, it did say the policy change may be revisited at some point in the future. It appears that time has come, only 5 months later.
Facebook’s initial announcement read:
“this policy is intentionally broad while we work to better detect deceptive and misleading advertising practices… We will revisit this policy and how we enforce it as our signals improve.”
The company has been looking at ways to refine this policy over the past few months. Facebook now allows only pre-approved advertisers to promote cryptocurrency and related content.
There is no change to the policy with respect to promoting binary options and initial coin offerings. Those types of ads are still banned.
Facebook advertisers who want to run ads for cryptocurrency must submit an application. The company will then assess the applicant’s eligibility, which includes criteria such as:
- Any licenses they have obtained
- Whether they are traded on a public stock exchange
- Other relevant public background information about the business
It’s unlikely that everyone who wants to advertise cryptocurrency products and services will be able to. However, Facebook will continue to assess this policy, and further revisions could be made.
“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.”
Following Facebook’s lead since the initial ban was enacted back in January, Google AdWords and Bing Ads have also banned advertisements for cryptocurrency.
Facebook is so far the first and only major advertiser to reverse the ban.