After what seemed like a doctored attack on the crypto sector, social media giant Facebook has issued a statement saying that it will once again be allowing cryptocurrency related ads on its platform.
Earlier this year, Facebook along with Google and Twitter had banned all cryptocurrency related advertisements on their respective platforms for fears of “innocent victims being scammed” by hoax crypto projects.
However, in a freshly released statement by Facebook, the company’s Product Management Director, Rob Leathern, mentioned that the ban was “just a temporary measure to protect susceptible customers” from being duped.
The statement further elaborates on the company’s stance and reads:
“So starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”
With that being said, it is worth noting that any new companies/individuals who wish to advertise cryptocurrency related material on FB are required to submit an application that will be reviewed and assessed as per guidelines that have been freshly devised by the company’s HR team.
In regards to the aforementioned matter, Facebook made it clear that
“Advertisers must apply to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public backgrounds on their business.”
With social media players actively trying to establish their own playbook when it comes to crypto advertising, it seems as though there exists a clear bias in their outlook which needs to be addressed immediately.
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