The latest cryptocurrency news show that over a year after the outright ban on cryptocurrency-related ads, Facebook is lifting some of the restrictions on cryptocurrency as well as blockchain advertisements.
The updated policy was first announced on May 8 when the social media giant said that the ads involving blockchain technology, industry news, educational content as well as cryptocurrency events won’t anymore require a prior written approval. The company also added that while blockchain advertisements are okay for now, the ads related to token sales or initial coin offerings (ICOs) will still be banned.
Facebook added that cryptocurrency exchanges and mining software and hardware still need to go through investigation and further consideration in a review process which would obtain permission for them to go live on Facebook.
“This process will continue to take into account licenses they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public background on their business,” Facebook said in the same announcement regarding the blockchain advertisements.
As many best cryptocurrency news sites reported, the company now has more than 2.38 billion active monthly users (March 31, 2019). With a community this big, they know that there is a lot of responsibility when it comes to crypto and blockchain ads.
“We’re committed to preventing misleading advertising on our platforms, especially in the area of financial products and services. Because of this, people who want to promote cryptocurrency ads and closely related products, such as cryptocurrency exchanges and mining software and hardware, will still have to go through a review process. This process will continue to take into account licences they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public background on their business,” Facebook noted in the official post.
So, the altcoin news show that advertising an altcoin is not that easy (yet) on Facebook. What’s ironic is that the news come right when Facebook is apparently working on its own fiat-backed stablecoin or cryptocurrency and is apparently in talks with firms such as Visa and MasterCard to support and fund the planned $1 billion stablecoin project named “Libra.”
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