Let’s get back to the beginning of the year when the world’s leading social network Facebook announced a ban on advertising and marketing in any sense related to cryptocurrencies. The company described such actions on the net as suspicious and often associated with deceptions, and this domain became unfit for placement. As they explain from the top of the company, this move was made to control and suppress fake and speculative ads. However, yesterday, on June 26th, Facebook announces the renewal of the relationship with the world of digital currencies, only now, advertisers from the crypto world will not have complete access to the network, but this process will be more complicated.
Facebook will allow specific ads related to cryptocurrency services and products in the future, with advertisers having to follow a new procedure. Namely, to set a particular content on the network, the creator of the same is obliged to submit an application with the link of his website, to define the business nature, and provide information about all the regulatory licenses that possesses. The company assesses the convenience of content before its release and obligating the creators to provide an additional report of all public exchangers where cryptocurrencies appear, as well as the nature of the business policy of the holder.
Also, placing services in relationship with cryptocurrencies in the future will imply accepting the Facebook Cryptocurrency Ads Addendum. This new provision relates to the control that the network still possesses when it comes to setting conditions, restricting and removing unwanted content at any time when Facebook considers it necessary. By accepting this requirement, the advertiser is obliged to provide all possible cooperation and information if it comes to the supervision and investigation by the legislators.
The promotion of binary options and Initial Coin Bid still fall under “forbidden.”
The company continues to hold a ban on ad placement in connection with ICO and binary options. As Facebook Manager Director, Rob Leathern, announced on an official blog, the company that is behind one of the most significant social networks in the world, is seeking to promote new technologies, but at the same time tries to examine content before publishing in order to ensure its users’ safety. Facebook will continue to analyze and evaluate similar material and to encourage its users to report “banned ads” to gain a new user policy.
Facebook Policy will follow upcoming events, and new changes and updates are possible
As said by the company, this policy is not definitive, and it is possible to change and adapt in the future in all conditions that prove safety and no potential risk or network and user abuse.
For the past couple of months, Facebook has experienced a lot of earthquakes and events. Is this new step the result of the same or is it just a way to adapt to the new technological requirements? The new relationship status will enable start-ups to promote their cryptocurrencies and content related to their offer. This trend will also quickly catch up with other leading social networks. Whether the pre-approval will bring benefits to both Facebook and advertisers as well as users, a very close future will show.