Facebook updates their advertising policy regarding cryptocurrency

In January 2017, Facebook tightened its advertising policy. The ban included cryptocurrencies, ICO's, and other digital financial instruments, such as binary options. Other large IT companies, such as Twitter...

In January 2017, Facebook tightened its advertising policy. The ban included cryptocurrencies, ICO's, and other digital financial instruments, such as binary options. Other large IT companies, such as Twitter and Google, have also stopped advertising cryptocurrency projects on their platforms.

Five months later, the company softened their rules. As director of product management Rob Lizern explains, “Initially there were general restrictions, so that we could later refine and clarify the terms of advertising.”

The updated rules allow advertising of cryptocurrencies (but not ICO's and binary options) since June 26th.

At the same time, not everyone will be able to advertise, but only advertisers approved by the company. To place cryptocurrency advertisements on Facebook, Instagram, or Audience Network you need to fill out a special form. After Facebook experts review the application, they can approve or reject the ad. Success can depend on such factors as the availability of financial licenses from the cryptocurrency developers and the presence of coins on cryptocurrency exchanges.

If users find that a questionable project made it through the approval process, they can click the "Report on ads" button located next to the ad.

The initial ban of cryptographic advertising on Facebook was out of concern for its users who they are trying to protect from offers which are often associated with deception and fraud. In the future, apparently, the company will adhere to this principle when upgrading their rules. Projects from different areas will gradually gain access to the advertising platform, as the company studies the features of a specific area of activity and works out the conditions for placing ads.