Facebook Allows Crypto-related Ads Except ICOs

Jun 27, 2018 at 21:59

Leading social media platform Facebook is softening its stance versus cryptocurrency advertisements but remains steadfast against those related to initial coin offerings (ICOs).

In updating its Prohibited Financial Products and Services Policy, Facebook management director Rob Leathern said the platform is allowing ads promoting cryptocurrencies starting June 26.

However, it will continue to prohibit ads that endorse binary options and ICOs.

The move came after Facebook revisited its policy and looked into best ways to refine it in the past few months, Leathern said.

“So starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings,” he said.

To recall, Facebook announced in January a new policy banning ads that promote financial products and services that are frequently associated with misleading promotional practices including those that are crypto related.

Leathern said the policy was made “intentionally broad while we work to better detect deceptive and misleading advertising practices… We will revisit this policy and how we enforce it as our signals improve.”

In compliance with the social media site’s rules, advertisers should submit an application form that can be found here: https://web.facebook.com/help/contact/532535307141067?ref=fbb_blog.

Facebook will assess eligibility of advertisers, such as licenses obtained and secured, listings on a public stock exchange and other background related to their conduct of business.

“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,” Leathern said.

Facebook also encourages users to report content that violates its advertising policies by selecting “report ad” in the upper right-hand corner of any advertisement.