From NewsBTC
Facebook has reversed its ban on cryptocurrency ads and will now permit pre-approved advertisers to promote crypto-related services on the social networking platform.Read more: https://www.newsbtc.com/2018/06/26/facebook-has-a-change-of-heart-reverses-ban-on-most-crypto-related-offerings/Facebook will permit crypto-related businesses like exchanges to advertise, but will still prevent the associated (and somewhat controversial) crowdfunding method of initial coin offerings (ICOs) from being promoted.
The Menlo Park-based social networking giant banned all crypto-related ads on the platform in January. This followed the all-time-highs registered by cryptocurrencies at the end of 2018, in attempts to prevent people from promoting ‘financial products and services frequently associated with misleading or deceptive promotional practices.’
In the new move, announced today and reported on by Recode, advertisers that are approved by Facebook through an application process (which can be viewed here) can promote crypto products.
Interested advertisers are expected to show Facebook ‘licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business’ in order to receive permission to run their ads. As noted above, ads for ICOs as well as binary options are still prohibited.
Despite the fact that crypto prices have dropped considerably since the end of last year, the space is still growing all the time. As might be expected, this has attracted some bad actors who have attempted to capitalize on this interest by promoting scams. This is what led to Facebook’s ban. Shortly after, others like Google, Twitter, and Snapchat followed suit and banned crypto ads too.
While this is good news for the crypto ecosystem and on boarding new investors, I don't think it is a massive vote of confidence for crypto from Facebook. I think this is more of a shrewd business decision to stop turning away deep pocketed advertisers during a time where the brand is taking a lot of heat and seeing users exit. I think this is all about the bottom dollar and allowing rich exchanges to give them millions of dollars.
I still think it's good for crypto and prices overall though!
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