Facebook just let go of its restrictions, after which it no longer requires pre-approval for ads related to Blockchain technology, industry news, education or events related to cryptocurrency. This could be very good news for the crypto community and the promotion of crypto adoption worldwide, but on the other hand could also be a thread to crypto related ad based news sites, who are being pushed out of the market by giant Facebook.
In January 2018 the company announced to prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency. The company came back in June with the news to refine the policy, allowing ads promoting cryptocurrency and related content from pre-approved advertisers, but continued to prohibit ads that promoted binary options and initial coin offerings.
Since then, Facebook claims to have listened to feedback and made an effort to assess the policy’s effectiveness and the new update will take affect starting June 5th. Facebook might also have ulterior reasons to lift the ban, the company is currently raising $1 billion for its own Blockchain purposes, reportedly building a stablecoin to be used for WhatsApp and Facebook. The company will still continue to ban ads for initial coin offerings (ICOs) as well as ads for binary options.
Facebook says still to be committed to prevent misleading advertising on their platforms, especially in the area of financial products and services. Because of this, people who want to promote cryptocurrency and closely related products, such as cryptocurrency exchanges and mining software and hardware, will still have to go through a review process in the future.