Facebook Backpedals, Reverses Ban on Cryptocurrency Ads

Facebook has announced that it is revising its blanket ban on all cryptocurrency advertisements on the social media site.

The announcement highlights that this is a revision of Facebook’s cryptocurrency policy, rather than a removal of the policy altogether. For example, advertising for binary options and ICOs are still banned.

About the ban policy, Facebook Bussiness writes:

In the last few months, we’ve looked at the best way to refine this policy — 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.

However, cryptocurrency-related services and businesses, such as exchanges, will now be allowed to run ads.

The History of the Controversial Ban

As CCN reported, Facebook put a complete ban in place for cryptocurrency advertisements during the January 2018 run-up and ICO craze. This was also a time of rampant ICO scams, before regulators started their crackdown in earnest. Facebook’s decision came as part of its goal of protecting users from fraud and theft.

Still, the ban generated heated back-lash as crypto enthusiasts saw it as anti-contemplative and chilling of legitimate businesses. As CCN reported, leaders in the financial industry spoke out publicly against the new policy. Global cryptocurrency groups in Russia and Asia also filed suits against Facebook for the ban.

Facebook’s Motives Questioned

Not everyone was satisfied with Facebook’s reasons for the ban. In early 2018, CCN reported that Facebook was developing its own blockchain internally…

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