The time when cryptocurrency companies were prohibited from posting their ads on Facebook has come to an end. The social media platform Facebook has finally decided to ease its ban on ads related to cryptocurrency, though not on Initial Coin Offering (ICO).
As per a report by Coindesk, "Cryptocurrency products and services onboarding request" form has been introduced by Facebook. This form will allow some companies to get their ads on the platform. A blog was published by Facebook Tuesday confirmed the development.
The request sheet clearly illustrates that the social media company is extremely particular about the kinds of services the companies desire to promote the offer. Facebook has listed a few mandatory requirements which are listed as follows:-
- Companies should have relevant licenses for smooth operations
- The company should be a publicly-listed company
A legal addendum was also published by Facebook. A complete list of all the policies towards cryptocurrency ads is outlined in this supplement. The policies laid by the social media company could see additional tweaks in the future remarks on Facebook.
However, advertisements for ICOs or binary options will not be permitted by Facebook, the ban on such ads remains. Such identical actions were later brought into practice by Twitter, Google and other major sites.
Product management director for Facebook - Rob Leathern, penned down the following in the blog post: "Given these restrictions, not everyone who wants to advertise will be able to do so. We assure that the feedback received will not be left unheard. We will look at how well this policy works and shall continue to study this technology. We are open to revise it over time if it is necessary”.
Trey Ditto, the founder of Ditto PR, a cryptocurrency public relations firm, expressed "This will be a big boost for Facebook advertising revenue."