With reports of Facebook’s upcoming stablecoin finally holding water, the social media giants on Wednesday announced a development that will see it gain more credibility within the cryptocurrency industry.
Until now Facebook requires that advertisers trying to promote cryptocurrency and blockchain-related products on its platform must submit a written approval request. If you even time travel to early 2018, Facebook did not allow any crypto-related ad on its platform, citing a need to protect users from misleading adverts.
However, things are finally changing with Facebook releasing an update on its crypto-ad policy today. Here are the significant changes in Facebook’s crypto ad policy which they say comes after listening to user feedback:
Although advertisers are still required to submit an approval to run crypto-related ads, Facebook will no longer require such “pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”
Facebook will still ban ads for Initial Coin Offerings (ICOs) and Binary Trading options.
Ads with landing pages linking to cryptocurrency exchanges will still require prior approval.
Advertisers who wish to promote cryptocurrency and closely related products, such as “cryptocurrency exchanges and mining software and hardware,” will still have to go through a review process. Facebook says the review process will take into account the regulatory licenses possessed by the business, whether they are publicly traded on a stock exchange, etc.
Is Facebook Silently Promoting Crypto Adoption Before Its Stablecoin Launch?
Whether Facebook’s move to loosen its policy on crypto-related ads have anything to do with its impending stablecoin launch may be too early to conclude. Also, there is the possibility of it being a way to impress the crypto community (a group that will likely the early adopters of the stablecoin).
One thing we do know, however, is that the new approach will allow more legitimate cryptocurrency and blockchain projects to advertise their offerings to over 1 billion users on the social media platform.