Facebook to Allow Crypto Ads from Approved Companies

Facebook is rolling back on its previous decision to ban cryptocurrency-related ads on the social media site.

In the official announcement on Tuesday, the social media giants said it will be allowing some preapproved customers to promote crypto businesses and services, like exchanges.

Part of the announcement read:

“Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including 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.”

Facebook further noted that it still would not allow advertisements for initial coin offerings or binary options. The prohibition on these remains in effect months after Facebook first banned all crypto ads back in January, to prevent people from promoting “financial products and services frequently associated with misleading or deceptive promotional practices", a move that was followed by similar actions by Twitter, Google and other major sites.

Rob Leathern, product management director for Facebook, said in a blog post:

"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 founder of Ditto PR, Trey Ditto, described Facebook's shift as "the first step in allowing credible blockchain projects, crypto companies and ICOs to get in front of new potential customers and investors."

"This will be a big boost for Facebook advertising revenue as the majority of projects out there are interested and have the money to run paid ads," Ditto added.