Facebook Reverses Ban on Cryptocurrencies

Posted on: June 26, 2018, by :

 

Johnny Kmetz, MS

Co Found, Biterra Capital

26 June 2018

A recent shift in positioning by Social Media giant Facebook is generating a ton of buzz and speculation. Back in January, Facebook banned the marketing of all cryptocurrencies and  (ICO’s), ironically reasoning that they were “not operating in good faith”. After months of speculation and volatility –Facebook has reversed their views on allowing cryptocurrencies to market on the highly popular Social Media platform. Creating speculation that Facebook might be soon getting into the cryptocurrency market themselves as there is obviously too much revenue potential to ignore. Today they announced they’re reversing course with their January cryptocurrency ad ban (effective immediately).

However, the decision comes with a few caveats. The company says it will allow ads and related content from “pre-approved advisers,” but will still not allow ads promoting binary options and initial coin offerings. Making making advertisers go through an application process to determine their eligibility, Facebook will ask advertisers to include on their applications details like what licenses they’ve obtained, whether they’re a publicly traded company, and other relevant background information regarding their business.

While this is an exciting step in a progressive direction, how thoroughly this information is fact-checked by Facebook staff remains unclear.

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