Facebook Relaxes Blockchain and Crypto Ads
Henry Chan May 12, 2019 07:00
The social media giant Facebook now allows advertisement that “related to blockchain technology, industry news, education or events related to cryptocurrency.”, which these ads no longer need prior written approval to advertise on Facebook, according to the announcement published on its website.
The social media giant Facebook now allows advertisement that “related to blockchain technology, industry news, education or events related to cryptocurrency.”, which these ads no longer need prior written approval to advertise on Facebook, according to the announcement published on its website.
The announcement further stated that starting from 5 June, Facebook will no longer allow advertisement that promotes contract for difference (CFDs), complex financial products that can be misleading towards general public. Facebook also stated that it will continue to ban advertisement of initial coin offerings (ICOs) and binary options.
Facebook started to ban the cryptocurrency and ICO advertisement in January 2018. Now anyone who wants to promote cryptocurrency related product such as mining software and hardware and cryptocurrency exchanges will have to undergo the review process where Facebook will take into consideration of the license they obtained and their background information.
Some had criticized the Facebook’s decision to ban cryptocurrency and ICO comment in the past. The founder of FUSION, Dejun Qian commented “This policy will definitely protect people from the scams of predatory project. However, announcing an intentionally broad policy is always the easiest way and not necessarily the best route for technology development. I don’t believe that banning e-commerce ads just because people face the risk of buying counterfeited products is a good idea.”
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