In January this year, Facebook banned cryptocurrency and ICO adverts on its platform. At the time Facebook cited that “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
At that time Facebook had said they would revisit the policy and I guess Facebook’s has done just that. They have turned on a dime and they will now allow cryptocurrency related adverts on Facebook.
Advertisors go through an application process to determine their eligibility. They will ask for a few details:
- what licenses they’ve obtained
- whether they’re a publicly traded company
- other relevant background information regarding their business
Not all adverts will be treated equally. Facebook will allow ads and content from pre-approved advisors and they still won’t allow ads promoting ICOs.
Why the sudden change of heart?
Probably Facebook heads have been turned by the dollars they could potentially get from allowing crypto ads. This news also comes around the same time that the USA’s Federal Reserve starts tracking and indexing cryptos. Things may be looking up for cryptos and if Facebook doesn’t capitalise on those dollars best believe someone else will.
It’s yet to be seen if Google will follow suit as they also banned crypto advertising back in March and at the time Google bemoaned the unregulated and speculative nature of cryptos. Google and Facebook are fierce competitors and Google may have their hand forced by the fact that if they don’t budge, Facebook will take a bulk of the advertising money from cryptos and I have a feeling this will definitely influence Google’s thinking when approaching this issue.
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