The world’s largest social media platform said in a blog post on Wednesday that it’s been listening to feedback since it shut down crypto advertising. That led it to assess the policy’s effectiveness, and voila, it had an epiphany. The timing just happens to coincide with the upcoming launch of Facebook's own stablecoin.
In the post, the company says:
"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."
Last June, Facebook began requiring those wishing to advertise crypto products on its platform to first get written approval.
An ad that directs to a landing page featuring a restricted product, such as a cryptocurrency exchange, will still require prior approval. Facebook says:
"Or, if the landing page includes a prohibited product, like an initial coin offering (ICO), we will reject it."
Referring to something it calls its Prohibited Financial Products and Services policy, the post states that Facebook will no longer allow ads promoting contracts for difference (CFDs), complex financial products that are often associated with predatory behavior.
ICOs fall into this category, and ads for them will continue to be banned.
This gracious allowance from Facebook comes just as it's looking for $1 billion to fund its stablecoin project. Called Project Libra, CCN reported that Facebook is talking with heavyweights such as Visa and Mastercard to get that cash.
The project has expanded to include e-commerce payments on Facebook and other websites as well as rewards for viewing ads, shopping online, and interacting with content.
Facebook remains committed to preventing misleading advertising on platforms, especially in the area of financial products and services. As a result, Facebook's new ad policy is not applicable to all:
"Because of this, people who want to promote cryptocurrency and closely related products like cryptocurrency exchanges and mining software and hardware, will still have to go through a review process."
Last modified (UTC): May 8, 2019 9:10 PM