Facebook Inc has revised its policy on blockchain and crypto-related ads, making it easier to promote certain aspects of the sector on its social media platform.
In January of last year, the US tech decided to ban cryptocurrency-related advertising on its platforms, as part of an effort to protect its users from misleading ads for financial products. In June, the social media company updated its policy to require advertisers to get prior written approval to promote cryptocurrency products and services on Facebook. Now, Facebook is further relaxing its policy, although this will not affect ads promoting a particular cryptocurrency.
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“While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency,” Facebook wrote in a post, published on May 8. The company added that adverts for services related to crypto, such as cryptocurrency exchanges and mining software and hardware would still go through a review process.
Facebook will also continue to ban ads for initial coin offerings (ICOs) and binary options. In addition, starting June 5, the company will no longer allow ads for contracts for difference (CFDs).
Facebook has reportedly been exploring a move into the crypto and blockchain space in the past few months. Reports in the media have suggested that the Menlo Park-based company is developing its own stablecoin to be used for money transfers on its mobile messaging service WhatsApp. The company is said to be planning to raise up to $1 billion from outside investors. It wants to use the capital as a collateral for its token, to ensure that it maintains a stable value against a basket of fiat currencies. According to reports, Facebook is initially targeting the Indian market.
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