Last January, Facebook banned all cryptourrency ads on the platform. This was largely due to the increasing number of fake ads appearing on social media sites. Other firms, including Google and Twitter also banned crypto ads on their sites.
Now almost six months later, Facebook have announced that they will be reversing the ban on cryptourrency ads. They are the first major company to do so. They will be implementing a new system to ensure that only legitimate companies will be able to advertise on ghe platform. Advertisers will be required to undergo background checks and show that they are licensed. This process is to ensure that no scams will be seen by Facebook’s users.
Coinbase CEO Brian Armstrong shared his enthusiasm for the move on Twitter
Facebook banned ads for crypto earlier this year. Proud to say we've now been whitelisted and are back introducing more people to an open financial system 👌 pic.twitter.com/JqF5ssAqqh
— Brian Armstrong (@brian_armstrong) July 20, 2018
Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system
Coinbase was one of the first companies to get reapproval for advertising on the social network.
The revised rules about crypto ads have great potential for the adoption of cryptocurrencies such as Bitcoin. According to recent statistics over 2 billion people use Facebook every month, which makes it the largest social media platform in the world.
However, while some crypto-related ads will be permitted to run on the platform, ICOs and binary option ads will still be banned.