Facebook has decided to relax its ban on all cryptocurrency and initial coin offering (ICO) related advertising – less than six months after creating the policy.
Facebook’s ban on cryptocurrency ads in January came in order to protect users from the scams and fraud associated with cryptocurrencies. The company’s “intentionally broad” policy stated that any 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” would be prohibited from advertising on the social network.
A partial change to the policy means that Facebook will now allow ads that promote cryptocurrency and related content from pre-approved advertisers only. Despite this, Facebook says it will continue to ban any ads that promote ICOs and binary options.
In order to gain Facebook’s approval to promote cryptocurrency products and services, advertisers must submit an application to the tech giant. In the application, advertisers will be required to disclose any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant information on their business.
Facebook says that it will review how the policy change is working and continue the monitor the technology, so further revisions can be made in the future.