Last week, Facebook moved to allow some ads on cryptocurrencies to run on their platform.
Rob Leathern, Facebook’s director of product management, mentioned that the social media giant is now refining its approach regarding the cryptocurrency ads and is now allowing some to run on their platform, after banning it last January.
Facebook made it clear the policy was broad on purpose until it figured out what were the deceptive and misleading advertising practices. Since the banning of crypto ads, the company has been looking for better ways on how to filter the ads and keep the users safe so that they can enable some ads to run on their platform. The result is that cryptocurrencies can run on their platform but they are banning ads that promote binary options and ICOs.
Leathern wrote on a blog post, “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,” he continues, “Given these restrictions, not everyone who wants to advertise will be able to do so. But 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.”
He also encouraged users to report right away if they found something that violates Facebook advertising policies.