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Facebook Lifted Restraints on Advertisement Promoting Blockchain and Crypto-related Contents

By Mary T. | May 9, 2019
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Facebook Lifted Restraints on Advertisement Promoting Blockchain and Crypto-related Contents

Facebook has reportedly lifted the restraints it has placed on advertisements for blockchain and news of the industry, as well as any crypto-related educational materials and events. 

Announced via the Facebook Business page, the development indicated a major change in how Facebook viewed Blockchain and crypto-related matters compared to last year. In 2018, the social network giant established a policy stated that no Blockchain-related content or ads are to be promoted on the Facebook platform unless prior approval was granted.

The notice further disclosed that Facebook still strictly prohibits any advertisements looked to promote a specific digital currency or initial coin offerings (ICOs).

Such restrictions are reportedly an attempt of the social media giant in protecting its users from deceptive advertisements. Any individuals or organizations that wanted to place their products on the Facebook network for promoting, typically a cryptocurrency, a crypto exchange platform or mining equipment, all need to go through a thorough background check and need to satisfy the following conditions:

“…licenses they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public backgrounds on their business.”

Facebook’s decision at the beginning of 2018 to ban any ad, which looks to promote cryptocurrency and ICOs, has received a significant amount of criticism, as many believed it to be unnecessarily harsh and will slow down Blockchain and crypto growth.

Recently, Facebook is piloting a project called “Project Libra”, aiming at creating a finance ecosystem where its users can send money to each other and purchase online. The goal is said to be launching a payments platform using its planned stablecoin, reported by The Crypto Sight on May 8.

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