Facebook Relaxes Ban, Accepts Some Crypto Ads | Tech News
Facebook is easing its ban – sort of – on ads related to cryptocurrency.
The social media giant has launched a “cryptocurrency products and services onboarding request” form that will allow some companies to get their ads on the platform, according to a blog post published Tuesday.
Facebook, however, won’t allow advertisements for initial coin offerings or binary options. The prohibition on these remains in effect months after Facebook first took action against crypto-ads in a move that was followed by similar actions by Twitter, Google and other major sites.
The request sheet shows that the social media company wants specifics on the kinds of services companies wishing to advertise offer. For example, Facebook asks whether companies have the relevant licenses in order to operate, or if they are a publicly-listed company. Facebook has also published a legal addendum outlining its policy toward cryptocurrency ads.
Notably, the social media company suggested that its policy could see additional tweaks in the future.
Rob Leathern, product management director for Facebook, wrote in the blog post:
“Given these restrictions, not everyone who wants to advertise will be able to do so. But we’ll 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 move has won early plaudits from the cryptocurrency PR space.
Trey Ditto, the founder of Ditto PR, a crypto public relations firm, described Facebook’s shift as “the first step in allowing credible blockchain projects, crypto companies and ICOs to get in front of new potential customers and investors.”
“This will be a big boost for Facebook advertising revenue as the majority of projects out there are interested – and have the money – to run paid ads,” Ditto added.
Facebook ads page image via Shutterstock