It’s official – Facebook will run cryptocurrency ads on the platform again. This follows the devastating news of a few months ago that the social media giant is banning all cryptocurrency ads.
Is this for real?
Yes, this is real. Facebook Business released a statement saying that they have refined their policy on cryptocurrency ads in the past few months. To such an extent that from 26 June, they will allow cryptocurrency ads on their platform. The specifics are as follow: Facebook will allow ads that serve to promote cryptocurrencies but advertisers must be pre-approved.
However, no Initial Coin Offering (ICO) ads will be permitted on Facebook, neither those that “promote binary options”. They wish to ensure that these ads are safe. In the same vein, cryptocurrency businesses like exchanges and other related services may not advertise with them.
Why did Facebook ban cryptocurrency ads in the first place?
Facebook’s announcement that they would be revising their ads policy for cryptocurrencies followed shortly after the same announcement was made by Twitter. This was in January 2018. The markets reacted to these announcements and prices went down for a while.
The reason for the ban was due to ICO scams doing the round and Facebook wanted to protect users. The crypto community did not take the news well and reacted on social media. Even governments reacted to the news. Countries like Asia and Russia filed lawsuits against Facebook.
What about Facebook’s own cryptocurrency?
During the same time as the announcement of the ban, Facebook also announced it would be looking into developing its own blockchain. It could serve as a ‘fix’ for the platform thanks to its decentralized features. Since then, no new news has been released about this blockchain.
In other news
The US Department of Justice has seized more than $20 million worth of Bitcoin during a heist. The raid of Darknet market sites saw the government agency seize the said amount of Bitcoin as well as illicit goods such as weapons, narcotics and also mining devices.
The price of Bitcoin is at $6,100.32 according to Coinmarketcap.
Don’t forget to hit the like button of Bitmart’s Facebook page for the latest news and updates in the crypto industry. Click here.