After facing criticism from several quarters for its poor implementation , half-baked ban on cryptocurrency advertisements, Facebook has now reversed its decision, saying that it will allow some pre-approved advertisers to promote crypto services on its platform.
The social media giant had banished all crypto ads from its platform earlier this year in an attempt to prevent the myriad crypto scams that were unfolding the world over following the boom in cryptocurrency prices.
Now, advertisers that are approved by Facebook through an application process can promote some cryptocurrency-related offerings on the site, although ads promoting binary options and initial coin offerings remain banned.
It wasn’t just Facebook that had imposed a ban on crypto ads on their platform. At the height of the bitcoin price surge earlier this year, Google, Twitter and other tech giants had also taken similar steps, although, Google’s ban only came into effect earlier this month. Facebook’s ban, however, was widely flouted by advertisers, raising serious questions about its efficacy.
While the cryptocurrency phenomenon is more widely known today among mainstream consumers than ever before, the growing cases of scams and the anonymity surrounding digital assets has resulted in many governments around the world starting to impose restrictions on the technology.