Facebook Reverses Cryptocurrecy Ad Ban

Back in January, Facebook decided to ban all ads for cryptocurrencies. Yesterday, the social media giant changed its mind. In a post on its blog yesterday, the company stated that it will now “allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”

The official new policy read: “Ads may not promote cryptocurrency and related products and services without our prior written permission.”

“Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility,” Rob Leathern, Facebook’s Product Management Director, wrote in the official blog post. “[This includes] any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business. Given these restrictions, not everyone who wants to advertise will 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.”

The January ban, also laid out in an official company blog post, said: “Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.”

Facebook acknowledged in yesterday’s company blog post that the wording of its January ban was “intentionally broad” as they continue to work to better detect deceptive and misleading advertising practices.

Todd Stone was a reporter for deBanked.