As you may be able to see much of ad revenue potential to ignore, Facebook today has announced that they are reversing back its cryptocurrency ad ban immediately. This decisions indeed comes with a variety of conditions, However, The company do say that they will allow the ads and related content from “pre-approved advertiser,” but will still not allow the ads which are promoting the binary options and initial coin offerings.
The Facebook had first authorized the ban in January, Which says that too many of the companies in this space were “not operating with good faith.”
While they do admitted that banning all the cryptocurrency advertising was a huge change, the company do said that the new policy would “improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.”
But it had also said that the policy would be rechecked over time, as will be improving to protect the deceptive ads.
Six months yet now, The Facebook is again ready to attack the crypto ad yet again.
Now this time facebook is making their advertisers go through an application process to determine whether the eligible or not. Facebook will do ask the advertisers about the application details such as what license they have obtained, whether they are in public traded company, or other relevant background information regarding their business.
Now the fact that how thoroughly this information is checked by the Facebook staff remains unclear.
The company has reminded the users in the same announcement that they should ad content that violates its guidelines. In other words, expect some bad ads to get through.
Facebook has explained their new requirements will be kept changing over time about crypto advertisers which will be able to hawk their businesses on the social network, but also they added that their policy in this area will be continuing to be in a progress yet.
“…We’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time,” says Rob Leathern, Product Management Director, in Facebook’s announcement.
The Facebook’s original statement about the decision of banning the crypto ads was followed by Google in March, when the company has cited the “unregulated” and “speculative” nature of many of the advertised products.
Their new policy will start this month. Twitter and Snap also have some policies around the crypto ads, with which the Twitter is only allowing to show the ads for exchanges and wallets provided by publicly traded companies and also Snap is allowing too the crypto ads but also declining the ads for ICOs.
The crypto industry is filled with scams, so it is important for these major platforms to have rules around what’s allowed. According to the FTC, consumers lost $532 million to cryptocurrency-related scams in the first two months of 2018, Coindesk reported on the Monday. And of course an agency has officially informed that consumers will lose more than #3 billion by the end of this year.
Facebook had said that the full crypto ad ban is lifted today for approved advertisers.