Facebook announced an update to the platform’s advertising policies which removes the requirement of businesses to get pre-approved for cryptocurrency ads related to blockchain tech, education or events, industry news, and more.
This change comes after the social network completely banned cryptocurrency ads back on January 30, 2018, and then loosened the ban on June 26 allowing only pre-approved advertisers to run ads promoting cryptocurrency.
The full list of cryptocurrency related ads allowed on the platform without pre-approval starting today is detailed on Facebook’s “Apply for eligibility” Help Center page:
Before the pre-approval requirement was lifted today, advertisers who wanted to run ads promoting cryptocurrency products and services would have to submit applications containing “any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.”
This measure was taken by Facebook to allow cryptocurrency ads from legitimate advertisers while at the same time making sure that scammers do not have a platform to promote their deceptive and misleading ads.
While today’s decision to remove pre-approval for some cryptocurrency ads will make it easier for advertisers to promote blockchain technology, industry news, education or events related to cryptocurrency, they will still have to apply “to run ads promoting cryptocurrency, cryptocurrency exchanges, cryptocurrency mining software and hardware, and cryptocurrency investment advice.”
Also, starting June 5, the social network’s Prohibited Financial Products and Services Policy will also get updated to completely ban “ads promoting contracts for difference (CFDs), complex financial products that are often associated with predatory behaviour.”
The reason behind this decision is their use in schemes designed to trick people by taking advantage of these products’ increased level of complexity.
In addition, Facebook will also maintain the advertising ban for initial coin offerings (ICOs) and binary options which “are frequently associated with misleading or deceptive promotional practices.”