Facebook updates its advertising policies and removes the prohibition on crypto advertising. In the future, companies will be able to promote products related to blockchain and digital currencies on the platform. The easing of the regulation is still connected with restrictions. Advertising for ICOs is prohibited.
The social media platform Facebook released an update on its financial products and services policy on May 8 . Here it relaxes strict approval regulations for crypto advertising.
In 2018, Google also opted for the drastic measure . The company said its move to stop allowing ads for crypto products in the future, with “consumer harm or potential for doing so,” which they wanted to “feed with extreme caution.”
Approval for crypto advertising is dropped
In June 2018, Facebook changed its policy regarding Bitcoin & Co. The company then lifted the general ban on cryptocurrency, ICO and other digital financial products advertising. However, advertisers had to go through an approval process before they could promote their products on the platform. As part of the strict review Facebook wanted to view and verify a lot of information. In addition to possibly acquired licenses, the advertisers were asked to provide information, for example, on whether their products were traded on public stock exchanges.
ICOs continue to be banned
With reference to its complexity, Facebook continues to block advertising for ICOs. Advertising for mining software and hardware as well as bitcoin exchanges continues to be regulated and subject to an evaluation process.