- Ahead of their rumored Facebook coin, the company has reversed its policy regarding ads
- Crypto and blockchain ads can now be run without prior approval
- This reverses a policy put in place in 2018
Crypto, like all businesses, needs to be advertised in order to grow and for a while, there was a bit of an embargo on crypto and blockchain-related advertising, but that seems to be changing.
Back in 2018 Google, lifted their ban on crypto ads and even made mention of crypto mining in a 2019 ad. Needless to say, blockchain and cryptocurrency are becoming more and more mainstream and can be seen in the way platforms are now allowing them to advertise with them, which is a major move toward mainstream adoption.
One of such moves was taken by Facebook as an update was made to their Facebook business page on May 8, 2019, in which it was announced that ads that relate to blockchain technology, news about the industry, as well as educational materials for cryptocurrency, can now be displayed on Facebook without need for prior approval.
in 2018, a policy was implemented on Facebook which required crypto and blockchain adverts to receive official consent before any advertisement could be run but Facebook is now reversing that decision and ushering in a new wave of crypto-related business to advertise on their platform. It is not known for now, however, whether token ads or ICO ads can run without prior approval but that should be clarified in the next few weeks.
When the policy was put in place, the justification for it was that it was done to prevent users from being deceived by misleading ads and as such, ads that wanted to run were under a great deal of scrutiny which included verifying what licenses they had obtained, whether or not they were affiliated with or traded on a public stock exchange as well as the background on the business.
When this was put in place, it was criticized for being unnecessary and potentially stopping the growth of the industry. Now, it is not entirely surprising that Facebook has changed its tune considering they are rumored to be launching their own cryptocurrency in the coming months and is also doing a bit of a clean up of their platform which included banning certain individuals permanently.
Regardless of their motivations for doing this, it cannot be denied that this is a very welcome development that is sure to give the industry a boost. Hopefully, more firms will be following Facebook’s new policy and cryptocurrency promotion can be increased across the board.