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.

Science & Technology

Nestle's Head: Veggie meat is new megatrend

Huawei may introduce Android replacement in August

Are US high-tech investors causing brain drain in Europe?

'Russia's Google' Yandex Was Hacked By Western Intelligence For Spying: Reuters

Reuters: Chinese hackers were stealing data from IT giants for years

China's first solar power molten salt plant sets record

WSJ announces imminent start of Boeing 737 MAX flight tests

Study: Machine learning is five times more harmful for the environment than a car

Would Singapore Be The First One To Bring Lab Grown Shrimps To The Global Market?

Apple Patents A ‘Foldable Screen’ For Creating Foldable iPhones

World Politics

World & Politics

France announces new tax for air fares

Europe Concerned Over Iran Move To Breach Uranium Enrichment Cap

Singapore To Build ‘$296 Million’ Smart Next-Gen Army Training Centre

No More Sales Of E-Cigarettes In San Francisco?

US ‘Hell-Bent On Hostile Acts’ Even After Trump-Kim Agreement, Says North Korea

Italy avoids EU sanctions for high national debt

Trump allocates 4.6 bln to help migrants

Iran Says Trump’s Belief That US-Iran War Would Be Short Is “An Illusion”