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The world’s leading social media site – Facebook – is loosening restrictions related to cryptocurrency advertisements.
No longer pre-approval
In the latest post from the company we can read:
“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.”
Previously, Facebook was very restrictive when it comes to advertising any cryptocurrency related projects. The ban was initially introduced in January 2018. Then, it was slowed down in June of the same year to include a written approval clause required for certain products or services. With a new project that Facebook is going to introduce itself, these restrictions turn out to be now less restrictive. This is good news for crypto enthusiasts and owners of blockchain technology-based projects, including exchanges such as the CoinCasso Exchange.
2018: Facebook bans crypto ad's— faast (@goFaast) May 8, 2019
2019: Facebook accepts crypto ads pic.twitter.com/yff7uR93bI
The new crypto project introduced by Facebook
Facebook started a ProjectLibra campaign about a year ago. The project brings an opportunity to easily transfer funds between WhatsApp users. It involves a stablecoin backed by government currency. It is anticipated that the cryptocurrency world can get many new users thanks to this Facebook initiative.
However, things aren’t that easy as they sound. Many projects have gained a green light, but cryptocurrency exchanges will still have to apply for the opportunity to advertise. However, you can expect that Facebook will be more favourable to these applications than before. Facebook stated:
“Given these restrictions, not everyone who wants to advertise will be able to do so. But we’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time.”
A big boost
Trey Ditto, the founder of Ditto PR, a crypto public relations company, commented on this event.
He described it as “the first step in allowing credible blockchain projects, crypto companies and ICOs to get in front of new potential customers and investors.”
“This will be a big boost for Facebook advertising revenue as the majority of projects out there are interested – and have the money – to run paid ads,” he also said.
Things going into a better direction
We are pleased that Facebook is now more in favour of advertisements related to cryptocurrencies. This, of course, is not a full cancellation of the ban, but it looks like things are going in the right direction and maybe in the future, Facebook will also be able to advertise without any problems also crypto exchanges and ICO projects.