Revising a recently implemented policy, Facebook now plans to allow ads that promote cryptocurrency and related content from pre-approved advertisers.
At the beginning of the year, the social giant enacted a policy to “prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
Yet that policy was never written in stone, according to Rob Leathern, product management director, Facebook.
"At the time, we also made clear 'this policy is intentionally broad while we work to better detect deceptive and misleading advertising practices',' Leathern notes in a new blog post.
"In the last few months, we’ve looked at the best way to refine this policy … to allow some ads while also working to ensure they’re safe," he added.
The newly revised policy is the product of those efforts.
Rather than opening the floodgates to all cryptocurrency ads, Facebook plans to continue prohibiting ads that promote binary options and initial coin offerings.
If advertisers want to run ads for cryptocurrency products and services, they must now submit an application, which details any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public information.
Going forward, Leathern said, Facebook will continue to consider industry feedback — and how well its policy is performing.
Google, Microsoft and Twitter have all recently taken steps to curb cryptocurrency ads on their respective platforms.