Social media giant Facebook has officially reversed its ban on cryptocurrency-related advertising, but not for initial coin offerings (ICOs) or binary options trading platforms.
Facebook announced a revision to their advertising guidelines in a post on Facebook Business on June 26 titled “Updates to Our Prohibited Financial Products and Services Policy.”
The revised policy allows for “approved advertisers,” like crypto exchanges, from launching ads on the platform; however, Facebook says that they “will continue to prohibit ads that promote initial coin offerings and binary options.”
Crypto advertisers that want to run ads will now be forced to first submit an application so that Facebook can “assess their eligibility.” Facebook wants to know whether potential advertisers have obtained any licenses, are publicly traded, and “other relevant public background on their business.”
Facebook cautions that “given these restrictions, not everyone who wants to advertise will be able to do so,” but promises to “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.”
The company banned all cryptocurrency ads in January with the aim of preventing scams on its network. Google, Twitter, and Bing all followed in Facebook’s footsteps, announcing similar crypto ad bans shortly afterwards.