Facebook Reviews Policy To Accept Cryptocurrency Ads Again

In an effort to make the social media platform a safe place for its global users, Facebook at the beginning of the year banned cryptocurrency related advertisement on the platform as the rate of which scam rate was on the increase.
In a new statement by Rob Leathern, the Product Management Director at Facebook made it clear that the ban was just a temporary measure to hinder cyberattackers from causing more damage while the team at Facebook seats to decide how best to figure out misleading ads from genuine ones.
Having sat for few months, Facebook finally gives room for cryptocurrency ads on its platform once more. But this time, it’ll be basically from those who have been approved to run ads, and any new party who’s interested in running cryptocurrency related ads must submit an application which will be reviewed before approval.
“So starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.” Rob says.
Facebook henceforth will go through a manual verification process in other to make sure advertisers who are genuine alone are given access. As clearly spelled out, makes it mandatory that advertisers “must apply 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 backgrounds on their business.”
Facebook will also continue to find better ways to sieve the bad guys from the good guys on the platform and then update their Advertisement policy accordingly.
It’s important to note that, not just Facebook, Google Inc and Microsoft Corp also took the same step on their platforms. Whether the companies will reverse their decisions just as Facebook did remains unknown at the moment.
When asked about what he thinks about cryptocurrency ads being banned on these platforms, Phillip Nunn, who is the CEO of the UK-based investment company, Blackmore Group told reporters that their approach was merely unethical.
“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices.”
It’s imperative to know that advertising/marketing plays a significant role in having cryptocurrencies gain the exposure needed to get that global adoption it requires. And with social media platforms and others putting a stop to cryptocurrency ads, that goal could take very long to achieve.

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