Facebook makes a U-turn on Blockchain and cryptocurrency ads, CNBC reports. Hence, more crypto-oriented companies will be able to promote their products on the biggest social media network.
No need for pre-approval
As reported by U.Today, Facebook relaxed is crypto ad ban back in June, but ICOs were still barred from the website. Despite this announcement, the social media giant continued to blackball the majority of crypto-related ads. The thing is, Facebook only readmitted the companies that already got the green light before the ban, but the majority of new submissions have been rejected (mostly for some obscure reasons).
Now, a wide range of crypto-related ads does not need to be pre-approved at all. It appears that only those ads that are promoting ICOs and other crypto projects will be vetted as usual by Facebook.
"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," the blog post read.
Back in October, Google also reversed its crypto ban for regulatory compliant exchanges after banning crypto ads along with a slew of other tech companies, such as LinkedIn and Snapchat.
Facebook’s crypto bet
Facebook had no choice but loosen its grip on crypto since it’s prepping to issue its own cryptocurrency that is supposed to become a major disruptor in the industry. Facebook’s foray into crypto is allegedly the reason why major institutions are becoming enthusiastic about digital assets.