Thursday, June 28, 2018

Facebook Is Easing Ban On Crypto Ads

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Facebook Is Easing Ban On Crypto Ads
Facebook Is Easing Ban On Crypto Ads

Months after introducing severe bans due to constant spamming and misleading Bitcoin ads, Facebook has decided to ease the restriction and accept some crypto ads – provided that the onboarding request has successfully specifed all kinds of services companies want to advertise. However, initial coin offerings or ICOs, as well as binary advertisements will have to wait for some better days. The prohibition on these crowdfundings using cryptocurrencies remains in effect on other major sites for social media as well, such as Twitter, Google Plus or Snapchat.

The social media giant issued an immediate ban on crypto-ads in February, due to an increased number of fake financial products and services, which started to damage not only the platform itself, but true values of BTC too. Instead of educating the world’s largest database of active users, which counts up to 2 billion people, the network has become a haven for swindlers and all sorts of crypto frauds who want to earn a fast buck by deceiving enthusiasts to invest, said Rob Leathern, product management director at the time.

Thanks to an entirely new approach to advertising cryptocurrencies, the request sheet can determine whether companies have relevant offers and licenses, including a proof of trading on at least one stock exchange. Leathern also added that not everyone who wants to advertise will be able to do so. Similarly, the company will monitor how well the adjustment works, so that additional improvements can be timely imported.

Facebook has also announced that its advertising policy could see further tweaks in the future, allowing both blockchain projects and crypto investors to get in front of new potential customers and markets. On the other side, the ban on crypto ads at Google and Twitter still remains active, due to the fact that it was only recently introduced – at the beginning of June 2018.

Source:

“Facebook Relaxes Ban, Accepts Some Crypto Ads”, Shen Muyao, coindesk.com, June 26, 2018.

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