Facebook has eased its ban on cryptocurrency ads for pre-approved brands. But promoting binary options and initial coin offerings is still banned.
Early this year, Facebook decided to ban all ads for binary options, ICOs and cryptocurrencies. The decision was based on “a new policy that prohibits ads from promoting financial products and services frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings or cryptocurrency.”
The cryptocurrency community reacted strongly to this decision, with many legitimate companies saying they were paying the price for “a few bad actors in the field.”
So, Facebook is partially going back on its decision by allowing pre-approved brands to promote cryptocurrency and related content.
In a statement, Rob Leathern, Facebook’s product management director, explained that although some companies will now be allowed to advertise cryptocurrency services, binary options and initial coin offerings will still be forbidden.
To be clear, not everyone will be allowed to advertise cryptocurrency related content. Potential advertisers will need to apply and provide information on licenses they have obtained and whether they are traded on a public stock exchange.
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