May 8, 2019 22:30 UTC
May 9, 2019 at 18:05 UTC
Facebook On Track To Withdraw Ban On Blockchain Related Ads
Facebook has maintained a strict ad ban policy on anything related to ICOs and crypto. However, last year Facebook decided to reverse its ban on crypto ads. Under the new policy of regulation, some pre approved ads were to be allowed on the platform.
Recently, the social media giant has decided to do the same for blockchain related ads. After almosr a year of banning all blockchain-related ads, it’s now allowing the ones for “blockchain technology, industry news, education or events related to cryptocurrency” to run on the platform, without the need for pre-approval.
The reason Facebook had instituted this crypto ad ban in the first place was to ensure thatthe users don’t get scammed by Initial Coin Offerings and other cryptocurrency ads. However, the ban on blockchain related ads did more harm than good. It hit hard the sales of tickets for various Blockchain events, which wished to use Facebook’s local and interest targeting capabilities to reach out to their niche audience.
Back in January 2018, at the peak of crypto’s popularity, Facebook decided to block all blockchain related ads. This was a major hit for the industry which was hoping to use the platform to spread the word about their ongoing initiative. This policy reverse can thus be a blessing for the industry, in their struggle for mainstream attention and acceptance.
This news comes in the wake of Facebook’s own blockchain group’s rising popularity. According to Bloomberg’s Julie Verhage, the group currently stands at over 50 employees. One-fifth of them are allegedly from PayPal, whose former president was David Marcus, Facebook Blockchain’s current head. Since yesterday, users have started seeing ads for blockchain education.
However, beginning June 5th Facebook will ban ads for “promoting contracts for difference (CFDs), complex financial products that are often associated with predatory behavior. These products, due to their complexity, often mislead people.”