Facebook updates ban on crypto-related ads

Facebook has lifted its ban on advertising related to cryptocurrency, though advertisers must still go through a thorough vetting process.

This is a surprising turn of events as Facebook’s decision in January was accompanied by similar moves from the likes of Google and Twitter. That said, the ban has only been partially lifted, and ads for ICOs and binary options are still prohibited.

Facebook also confirmed to Endgadget that the decision is not a reversal of the previous ruling but rather an ‘update’.

Those wishing to advertise on the social media platform must now disclose their licenses, whether they’re traded on the public stock exchange and other information Facebook deems relevant to the bid.

Rob Leathern, product management director at the company, wrote in a blog post: “In the last few months, we’ve looked at the best way to refine this policy — to allow some ads while also working to ensure that they’re safe. So starting June 26, we’ll be updating our policy to 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.

“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.”