The social media giant Facebook has remove the limitations to placed on cryptocurrency related advertisement therefore ads related to cryptocurrency can be displayed without prior approval. The announcement was on Facebook Business on May 8th 2019.
Facebook has in last implemented a policy that required crypto and blockchain promoters to get prior consent before they could run advertisements. The press release also made it clear that the change will not apply to advertisements that seek to promote a particular cryptocurrency, and ads for initial coin offerings (ICOs) remain forbidden.
According to Facebook, the purpose of the restrictions is to prevent its users from falling prey to misleading advertisements. Advertisers who wish to promote a specific product, such as a particular cryptocurrency, a cryptocurrency exchange, or mining software and hardware will have to undergo an intense background screening which includes will include the following:
“...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.”
Dejun Qian, Founder of FUSION has criticized Facebook’s decision to ban cryptocurrency and ICO advertisements in January 2018 as unnecessary and bad for technological development.
“This policy will definitely protect people from the scams of predatory projects. However announcing an ‘intentionally broad’ policy is always the easiest way and not necessarily the best route for technology development. I don’t believe that banning e-commerce ads just because people face the risk of buying counterfeited products is a good idea.”
Earlier this week, Facebook reportedly acquired rights to the “Libra” trademark for its secretive cryptocurrency project. The firm is supposedly seeking $1 billion in investments for a native token which could purportedly be used on Facebook, Instagram and WhatsApp.