On Tuesday, Facebook removed a six-month-old ban on adverts promoting cryptocurrency products and services, a move that could essentially change the way the internet giants treat the emerging digital asset.
On the list of the prohibited content, a new rule was added referring to the advertising policies.
Rob Leathern, Facebook’s product management director, stated in a blog post that the company has been welcoming new technologies, “so it looked at the best way to refine this policy.” But still, the social network will sustain its ban on companies that are promoting binary options and initial coin offerings (ICOs) as part of its attempt to guard against potential abuse.
It went on to explain:
“In the last few months, we’ve— to allow some ads while also working to ensure that they’re safe. So starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”
Start-ups can only advertise their crypto offerings after they submit an application to assess the qualifications needed. Furthermore, Facebook is seeking help from the community to report if ever they encounter a content that violates the rules as they may not be able to go through every ad.