Back in January 2018, Facebook cast the first stone against cryptocurrency ads, outright banning them and any ads having anything to do with crypto, causing a domino effect in the social media world where Google, Twitter, Mailchimp, and other advertising platforms followed with bans of their own.
Facebook had updated their policy “to prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.” The social media giant said it would revisit the policy to further refine it, and Facebook has done just that.
In a new policy update published by Facebook on June 26th, Facebook Product Management Director Rob Leathern announced that cryptocurrencies will again be able to be promoted via Facebook ads, as well as other related content from “pre-approved advertisers” that follow an application process.
“Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.”
Leathern points out that despite the policy change, not all advertisers looking to run ads promoting their products and services will be able to do so, but that the firm is listening to feedback and will continue to review the policy for further updates, saying, “we can revisit it over time.”
One part of the policy Facebook didn’t change? It’s stance on ICOs. ICOs continue to be banned under Facebook’s official Advertising Policies.
Facebook was among the first to ban cryptocurrencies at the start of the year. After that, Google blocked cryptocurrency ads from their AdWords platform. Twitter, and even email marketing platform Mailchimp also blocked all ads related to cryptocurrencies. There is no indication that others will again follow Facebook’s lead and unban cryptocurrency related ads.