Facebook Decided To Reverse Its Ban On Some Cryptocurrency Ads

Facebook Decided To Reverse Its Ban On Some Cryptocurrency Ads

June 27, 2018 0 By Austin Patel

After a long time, Facebook took into consideration to urban some of their previously banned Cryptocurrency ads. Not only that, but it will allow pre-approved advertisers to sponsor their Cryptocurrency services, including coin exchanges. Those who want to promote Cryptocurrency and advertise their coins will have to go through an application process and wait for Facebook’s approval.

If it goes well, they can proceed to promote their Cryptocurrency products.

The Banning Of Cryptocurrency And ICOs Ads From Facebook

At the end of January 2018, Facebook decided against banning all advertisements that promoted Cryptocurrencies, be them new ones or famous, like Bitcoin. This decision was made with the intention of preventing firms from advertising what Facebook sees products and services with a recurrent association with deceptive practices and scams. Even those Cryptocurrencies that operate in legal terms weren’t able to advertise themselves on Facebook. No one could promote coins like Bitcoin, Ethereum, Dash, and other Cryptocurrencies or ICOs (Initial Coin Offerings).

Amazing News For The Cryptocurrency, Not So Great For ICOs

Even though advertisers of coins like Bitcoin or Ethereum can now advertise their products after being accepted by Facebook, advertisers who promote ICOs or binary will continue to be banned.

Those who are interested in advertising will have to provide evidence to Facebook in the form of obtained licenses -be it by trading through public exchanges or any other background that’s relevant to their service- before they can use the platform for advertising.

But, as far as we all know, those who wish to advertise ICOs will have to wait for any news lend by Facebook, because -as far as you can see- they don’t seem to like the idea of ICOs and binary options being promoted through ads on their platform.

Why Did They Previously Take This Decision?

At the end of 2017, the Bitcoin’s price reached the $20,000 mark. Although right now Bitcoin is rounding $6,000 per BTC, the sudden rise it had during that time created a significant migration of investors looking to participate in the frenzy; many businesses rose from it.

Many of those were shady businesses who only sought to capitalize by promoting frauds, bringing low trust on Cryptocurrencies by the hands of Facebook and many other web platforms like Google, Snapchat, and Twitter, as a consequence.

The conclusion was the decision of banning Cryptocurrency ads.

If They Didn’t Trust Back Them, Why Should They Do It Now?

Bitcoin’s fame -as well as for Cryptocurrencies in general- went a little bit low after Bitcoin’s price went down, but the Cryptocurrency community still maintains itself pretty big, having many believers and users who trust this community.

It’s not hard to understand why Facebook enabled Cryptocurrency ads again; it’s a promising industry that brings many businesses looking for promotion.

As long as they are legit and maintain themselves in legal terms without scamming Facebook’s users, there is no reason why the firm wouldn’t prefer to gain the extra income.