Daily Management Review

Policy On Ban Of Cryptocurrency Ads On Facebook Eased


Policy On Ban Of Cryptocurrency Ads On Facebook Eased
Facebook has announced that the policy of banning of advertisements related to financial products and services associated with cryptocurrency is being rethought to be eased. The ban was imposed by the largest social media platform of the world in January this year. the announcement was made by Facebook on Tuesday. 
The largest social media network in the world has "looked at the best way to refine this policy -- to allow some ads while also working to ensure that they're safe", announced Rob Leathern, product management director at Facebook, through an official blog post on Tuesday.
A broad policy change made by the company in January this year was aimed at prohibiting "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 policy was drawn up with the aim of allowing the company to better detect what it termed as deceptive promotional practices by some companies that advertised binary options and cryptocurrencies which were not in good faith. The ban even disallowed legitimate businesses and companies from purchasing such advertisements.
Facebook will be updating its "policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers" from June 26, Leathern announced in the blog.
He however said that the company would continue with its policy of banning and blocking any advertisements that sought to promote binary options and initial coin offerings.
Any company od advertiser that wants to run advertisements on Facebook have to give an application to the company before hand for running of advertisements related to cryptocurrency products and services. This policy has been drawn up with the aim of allowing Facebook to make an assessment of the eligibility of the companies and advertisers which also include any licenses that the companies wanting to advertise could have obtained, whether the advertisers are traded on a public stock exchange, and any other relevant public background information about the business of the advertisers.
Facebook said that these restrictions would not allow everyone who wants to tun advertise on the social media platform would 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," Leathern wrote.
Last month, Facebook established a new experimental blockchain group dedicated to the technology that powers cryptocurrencies like bitcoin.