Facebook says it will change its stance on ads for cryptocurrency and blockchain technology-powered solutions, less than a year after it effectively closed the door to crypto ads.
Of course, such a broad policy also frustrated countless legitimate advertisers. So last year’s ban did not last long as it went on to announce that all advertisers would need to obtain “prior written approval.”. This gave Facebook the room to cherry-pick the companies it felt safe working with. And now Facebook is saying that it has further revised down the requirements advertises will need to meet to advertise on its platform.
While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.
Even with the revised approach, advertisers wishing to promote a specific cryptocurrency and other related crypto-related products will still need to get prior approval. Many competitors regard Facebook stance towards cryptocurrency ads as anti-competitive since the social network is reportedly working on its own cryptocurrency. So the jury is still out on whether Facebook’s advertising policy is as anticompetitive or not.
Unfortunately, Facebook controls the destinies of its competitors. Facebook is known for its ruthlessness to competing apps. Facebook has been routinely accused of copying features from competitors like Snapchat. Taking that into consideration, it’s more than likely that cryptos competing with Facebook’s new coin won’t get approval.