Earlier this year around the peak of Bitcoin’s market value, Facebook had announced a ban on #cryptocurrency #advertisements. Their angle was that they were attempting to prevent the promotion of misleading and deceptive products and services.
The market has calmed and it sounds like so have the directors at Facebook, as they just announced they will be allowing some pre-approved marketers to promote products, businesses and services within the cryptocurrency and #blockchain realms.
Through an application process curated by Facebook, business owners will essentially be able to promote only crypto products and services, while coin offerings, and #ICO’s are still being prohibited. The application process becomes a little more difficult as proof of a business license, trading license, if they are traded on a public stock exchange, and any other relevant information to aid in their case, in order to receive authorization to pay for cryptocurrency advertisements.
As mentioned in some of the previous articles, investors within the crypto kingdom has drastically declined since the boom of 2017. When Bitcoins price was soaring at new heights of $20,000 a coin, even household wives became investors. Everyone wanted to be a part of the craze which led to less than legitimate businesses creeping out of the shadows. These illegitimate businesses capitalized by promoting scams, misleading the public, and therefore resulting in a ban by Facebooks directors. They weren’t the only ones, #google, #twitter, and #snapchat joined in on the ban.
Though the crypto world still holds a strong following, it’s a no-brainer to see why Facebook has dropped the ban on some of the advertisements. The potential profit potential alone from this opportunity is remarkable, as the blockchain and crypto industry continues to grow and expand into bigger sectors.
As long as the users on #Facebook aren’t being exposed to scams, theres no reason to ban crypto advertisements.
Also adding to the legitimacy of their statement to drop the ban, Facebook seems to be a believer in Blockchain as well, or at the very least, they're afraid of being left behind in tech dust. Facebook started their own blockchain team earlier this year to explore the platform and consider their options of integrating.
Facebook blockchain token anyone?