Facebook announced on Tuesday an update to the policy instituted in January that prohibited ads promoting financial products and services frequently associated with misleading or deceptive promotional practices. The social media platform will now allow some ads that promote cryptocurrency and content from pre-approved advertisers. Ads promoting binary options and ICOs will still be prohibited.
When the policy was initiated, Facebook was careful to note, “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.” After six months of feedback and refinement, the social media giant is now prepared to accept applications from cryptocurrency companies to advertise on Facebook. Assessments will be made based on information provided about licenses obtained by the company, if they are traded on a public exchange, and other relevant public background about their business.
Facebook hasn’t made clear the degree of scrutiny they plan to apply to applicants, but did indicate that not everyone who is interested in advertising will be able to do so. Facebook will continue to survey the landscape, listen to feedback, and continue to revise the policy as the industry matures and technology improves.
The industry welcomed the news of Facebook’s revised policy. Trey Ditto, Founder and CEO of Ditto Public Relations, said, “Being able to run ads on Facebook is the first step in allowing credible blockchain projects, crypto companies and ICOs to get in front of new potential customers and investors. Like any product or service being advertised on Facebook, it’s still up to the consumer to do due diligence before they hand over any money. This will be a big boost for Facebook advertising revenue as the majority of projects out there are interested – and have the money – to run paid ads.”