From NewsBTC
Facebook has reversed its ban on cryptocurrency ads and will now permit pre-approved advertisers to promote crypto-related services on the social networking platform.Read more: https://www.newsbtc.com/2018/06/26/facebook-has-a-change-of-heart-reverses-ban-on-most-crypto-related-offerings/Facebook will permit crypto-related businesses like exchanges to advertise, but will still prevent the associated (and somewhat controversial) crowdfunding method of initial coin offerings (ICOs) from being promoted.
The Menlo Park-based social networking giant banned all crypto-related ads on the platform in January. This followed the all-time-highs registered by cryptocurrencies at the end of 2018, in attempts to prevent people from promoting ‘financial products and services frequently associated with misleading or deceptive promotional practices.’
In the new move, announced today and reported on by Recode, advertisers that are approved by Facebook through an application process (which can be viewed here) can promote crypto products.
Interested advertisers are expected to show Facebook ‘licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business’ in order to receive permission to run their ads. As noted above, ads for ICOs as well as binary options are still prohibited.
Despite the fact that crypto prices have dropped considerably since the end of last year, the space is still growing all the time. As might be expected, this has attracted some bad actors who have attempted to capitalize on this interest by promoting scams. This is what led to Facebook’s ban. Shortly after, others like Google, Twitter, and Snapchat followed suit and banned crypto ads too.
While this is good news for the crypto ecosystem and on boarding new investors, I don't think it is a massive vote of confidence for crypto from Facebook. I think this is more of a shrewd business decision to stop turning away deep pocketed advertisers during a time where the brand is taking a lot of heat and seeing users exit. I think this is all about the bottom dollar and allowing rich exchanges to give them millions of dollars.
I still think it's good for crypto and prices overall though!
Leave your thoughts in the comments below.
Follow @contentjunkie to stay up to date on more great posts like this one.
Click one of the links below to signup for a free crypto trading account
Ico's should be banned.99% of scam there.
Oh, lets be clear, this is solely about getting more business. This has nothing to do with keeping a level playing field. Facebook would like nothing more than to create their own coin and then kill off the rest.
lol facebook needs more from crypto right? lets see how google plays next on their ban
https://steemit.com/kryptonia/@banditqueen/free-multi-crypto-coins
You may just be very correct about that boss... Their actions always seem good, whereas, they have deeper intent.
Yes i am agree with your thought ,,there is still some hope crypto lovers.
M just followed and upvote your post @contentjunkie
It's have any effect on crypto?
@contentjunkie In the coming days, Facebook will become a very big player in crypto currency, so whenever a crypto currency market goes up, it starts banning it And when the crypto currency starts falling down, it starts promoting it. Facebook will be a huge investor of crypto currency in the future
Hi, @contentjunkie I've got an offer that might interest you as a content creator in the cryptos space. Please email me on [email protected]
Hi @contentjunkie
Absolutely agree with you. Reversing this ban is nothing more than reacting to the fact that facebook started loosing money and userbase.
ps.
I just accidently bumped into your profile just to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
big fat upvote on the way! :)
I will follow you closely :)
Take care, Piotr
i think its a good news for all of us @contentjunkie can u exactly tell can we pramote steemit in fb ?
your content is alwys nice i m upvoting u ,please upvoteon my post
They must be planning to integrate Crypto as payment or planning to launch its own crypto