In 2018 Facebook imposed a restrictive policy on promoters who deal with the ads of crypto and blockchain.
Until now it was necessary to be approved directly by the social network to be able to make advertisements in this area.
Facebook: sponsored ads for the blockchain and crypto sector return
Today, May 8, Facebook removes these constraints and gives the green light to the sponsorship of crypto events, educational materials and blockchain technology.
However, it remains an important obstacle: advertising aimed at promoting a particular cryptocurrency is not allowed. Consequently, even those dedicated to ICOs (Initial-Coin-Offers) will remain prohibited.
Facebook argues that the purpose of this decision is clearly to prevent users on the platform from falling prey to misleading advertising and colossal scams.
Advertisers who want to promote a specific product, such as a cryptocurrency, an exchange, or software and hardware dedicated to mining, will have to undergo a strict control that includes:
“…all licenses they have obtained and other relevant data about their background in crypto.
Without any doubt, the ban imposed in January by Facebook has been widely criticized. The main discussions arose based on the fact that this ban limited technological development not only for the crypto and blockchain sector.
Dejun Qian, the founder of FUSION, commented:
“This policy will definitely protect people from the scams of predatory projects. However, announcing an ‘intentionally broad’ policy is always the easiest way and not necessarily the best route for technology development. I don’t believe that banning e-commerce ads just because people face the risk of buying counterfeited products is a good idea.”
Earlier this week, Facebook would register the copyright for “Libra”, its secret crypto project regarding its own cryptocurrency.
The company is presumably looking for a $1 billion investment for a token that could be used on Facebook, Instagram and WhatsApp.
